State and National Employment and Unemployment

Unemployment

The unemployment rate fell to 4.3% in Minnesota in February, from 4.5% in January, on a seasonally adjusted basis.

The number of unemployed dropped by 6,215, to 129,743, and the number of employed increased by 2,544 to 2,892,393. The labor force shrunk 3,671 to 3,022,136, and the labor force participation rate decreased from 67.9% to 67.8%, dropping back to where it stood in April of 2020.

The U.S. unemployment rate dropped to 6.2% in February, on a seasonally adjusted basis. Labor force participation held at 61.4%.

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Annual Employment

Minnesota over the year payroll employment loss stood at 213,532, down 7.2%, while the private sector lost 193,428 jobs, down 7.7% in February. Both marks were better than January’s declines of 7.8% and 8.2%, respectively, as employment continued to slowly return following the easing of some COVID-related precautions.

U.S. total nonfarm and total private over-the-year job loss both stood at 6.0% in February.

All supersectors in Minnesota and nationwide lost jobs over the year. Annual job losses in Minnesota were still greatest in Leisure & Hospitality, down 26.1% or 68,441 jobs. Information was down 12.4% or 5,675 jobs, Other Services was down 12.5% or 14,182 jobs, and Professional and Business Services was down 7.2% or 27,212 jobs.

Four supersectors showed strength over the year compared to the nation: Mining and Logging was down 7.9% in Minnesota compared to 13.6% nationwide. Financial Activities was down 0.5% in Minnesota versus 1.0% nationwide. Education and Health Services was down 4.5% compared to 5.3% nationwide, and Government was down 4.6% compared to 5.9% nationwide.

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Monthly Employment

Minnesota’s jobs picture continued to improve in February, as the state added 13,900 jobs (0.5%) on the month.

Six of eleven published supersectors posted increases: Leisure and Hospitality added 13,500 jobs, Government added 2,900, Education and Health Services added 2,000, and Trade, Transportation, and Utilities added 1,700.

Five supersectors lost jobs on the month. Construction was down 3,300 jobs, Manufacturing was down 1,600, and Other Services was down 1,700. All three goods producing supersectors lost jobs.

U.S. total payroll employment was up slightly in January, adding 379,000 jobs, or 0.3%. Private sector employers added 465,000 jobs (0.4%) on a seasonally adjusted basis, while Government employers lost 86,000 jobs (0.4%).

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