Minnesota’s unemployment rate remained at 3.7 percent on a seasonally adjusted basis in July. This compares favorably with the US rate of 4.3 percent. Minnesota’s unemployment rate has been between 3.7 and 4.0 percent for three years.
Labor force participation ticked up another tenth point to 70.0%, a rate last seen in April 2013, while the share of working age Minnesotans with jobs increased to 67.4%, its highest rate since January 2009.
Minnesota added 66,701 jobs between last July and this July over the year, for a 2.3 percent rate of growth. Minnesota’s private sector added 61,019 jobs over the year, up 2.4 percent. Meanwhile, U.S. employment grew at a rate of 1.5 percent overall and 1.7 percent for the private sector.
Ten of the eleven major sectors grew over the year, with Education & Health Care Services leading the pack with an annual gain of 27,521 jobs, followed by Leisure & Hospitality, up 13,250, Construction, up 7,528, Government, up 5,682, Professional & Business Services, up 3,388, Trade, Transportation & Utilities, up 3,186, Manufacturing, up 2,931, Other Services, up 2,922, Logging & Mining, up 793, and Information, up 72 jobs over the year.
Financial Activities, down 572, is the only sector to have shed jobs since last July.
Employment jumped again in July with a seasonally adjusted 7,700 job gain, and again this strong improvement was further bolstered by an upward revision of 4,900 to June’s level to increase the gain that month to 9,300. Private sector employment increased by 6,100 during July on top of the upwardly revised gain of 7,800 in June.
During the month, six of the eleven major sectors added jobs while four lost jobs and one (logging & mining) held steady. By far the largest gains were in education & health care services with a record-setting 8,400 job increase, followed by a 2,800 gain in leisure & hospitality. Government employment increased by 1,600, while manufacturing (up 500), other services (+400) and information (+200) reported smaller increases. Losses occurred in trade, transportation & utilities (down 2,600), professional & business services (off 1,500), financial activities (-1,400), and construction (-700).