Minnesota’s unemployment rate dropped two tenths of a percentage point to 3.8 percent on a seasonally adjusted basis in November after remaining steady at 4.0 percent for three months.
Minnesota’s labor force participation rate slipped another two-tenths of a percentage point to 68.8 percent in November as the number of labor force participants dropped for the seventh consecutive month.
The national unemployment rate dropped three tenths of a percentage point to 4.6 percent in November. The national labor force participation rate slipped one-tenth of a percentage point to 62.7 percent.
Annual job gains in Minnesota held steady at just under 32,000 in November over the year, maintaining a 1.1 percent annual growth rate. Minnesota’s private sector added just under 30,000 jobs over the year, maintaining a 1.2 percent annual growth rate. Meanwhile, U.S. job growth remained at 1.6 percent and 1.7 percent for the private sector over the year in November.
Education & Health Care gained the most jobs, up 14,609 over the year, followed by Trade, Transportation & Utilities, up 6,701 and Construction, up 5,840 jobs.
Trade, Transportation & Utilities, Financial Activities, and Education & Health Care joined Construction as sectors leading their national counterparts in annual job growth in November. In the case of TTU, this is the first month the sector has led the nation since September 2013, driven largely by the retail trade component.
Four major sectors lost jobs over the year: Manufacturing lost 1,156 jobs, Leisure & Hospitality lost 1,087 jobs, Logging & Mining lost 927 jobs and Information lost 617 jobs over the year.
Minnesota gained 5,000 jobs over the month in November on a seasonally adjusted basis. Private sector employers added 5,800 jobs while Government lost 800 jobs over the month.
Five major sectors gained jobs in November: Construction added 3,400 jobs, Education & Health Services added 2,500 jobs, Leisure & Hospitality added 1,800 jobs, Financial Activities added 1,300 jobs and Information added 200 jobs.
Both Mining & Logging and Trade, Transportation & Utilities were flat over the month. In Trade, Transportation & Utilities, Retail Trade added 1,100 jobs while Wholesale Traded added 1,600 jobs over the month. These increases were offset, however, by a loss of 2,700 jobs in Transportation, Warehousing & Utilities.
Four sectors lost jobs in November. Professional & Business Services lost 3,000 jobs over the month, mostly in Services to Buildings and Employment Services (temp help). On the other hand, the Professional & Technical component reached another all-time high, with particular strength in Architectural & Engineering Services and Computer System Design Services. Manufacturing and Other Services lost 200 jobs each and Government lost 800 jobs over the month.
U.S. employment grew by 0.1 percent over the month again in November.