Minnesota’s unemployment rate held steady at 2.8 percent in October on a seasonally adjusted basis.
Minnesota’s labor force participation rate fell one-tenth of a point to 70.0 percent, the fourth consecutive monthly decline after trending upward throughout the first half of the year. The employment-to-population ratio also fell one-tenth of a point to 68.0 percent.
U.S. unemployment remained unchanged at 3.7 percent on a seasonally adjusted basis in October.
Minnesota added 36,450 jobs in October over the year, up 1.2 percent. The private sector added 33,343 jobs, up 1.3 percent over the year.
U.S. employment rose 1.7 percent for all payroll jobs and 2.0 percent for private sector payroll jobs.
Three sectors shed jobs over the year, with Other Services, down 2,116 or 1.8 percent, Logging & Mining, down 378 or 5.6 percent and Information, down 290 or 0.6 percent.
All other sectors added jobs over the year. The largest gains were in Construction, up 8,269 jobs or 6.5 percent, the highest annual growth rate in three years, followed by Trade, Transportation & Utilities, up 6,809 jobs or 1.3 percent, Leisure & Hospitality, up 6,235 jobs or 2.3 percent and Manufacturing, up 5,831 jobs or 1.8 percent.
Construction, Trade, Transportation & Utilities, Leisure & Hospitality and Government (up 0.7 percent) out-performed their national counterparts in terms of annual growth, with Financial Activities matching the U.S. rate. Construction, up 6.5 percent over the year, continues to be the sector showing the most strength.
Minnesota gained 3,400 jobs over the month in October on a seasonally adjusted basis, while the previously announced loss of 1,400 in September was revised to a 500 job gain. Private sector employers added 3,900 jobs in October following a loss of 400 jobs in September.
Four sectors lost jobs on a seasonally adjusted basis in October: Other Services, Professional & Business Services, Government, and Mining & Logging.
All other sectors added jobs over the month, with Leisure & Hospitality and Construction adding the most.
U.S. employment ticked up 0.2 percent in October on a seasonally adjusted basis.