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Unemployment
Minnesota’s unemployment rate dropped one-tenth of one percentage point to 3.1 percent in May on a seasonally adjusted basis.
Both the labor force participation rate and the employment to population ratio increased by a tenth point to 70.6 percent and 68.3 percent respectively.
The U.S. seasonally adjusted unemployment rate also dropped one-tenths of one percentage point to 3.8 percent in May.
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Unemployment Rates
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May 2018
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April 2018
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May 2017
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Minnesota
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Seasonally Adjusted
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3.1%
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3.2%
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3.5%
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Not Seasonally Adjusted
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2.5%
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3.1%
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3.1%
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United States
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Seasonally Adjusted
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3.8%
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3.9%
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4.3%
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Not Seasonally Adjusted
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3.6%
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3.7%
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4.1%
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Annual Employment
Annual job gains rose in May to 29,188 for a 1.0 percent rate of change in Minnesota. Private sector job growth also improved to 23,384 or 0.9 percent.
U.S. job gains also rose, although modestly, to 1.7 percent for all non-farm jobs and 2.0 percent for private sector jobs.
With the job gains in May, only two sectors shed jobs over the year, with Financial Activities down 188 jobs or 0.1 percent and Logging & Mining down 34 jobs or 0.5 percent.
All other sectors added jobs over the year. The largest job gains were in Manufacturing up 6,063 jobs or 1.9 percent, Government up 5,804 or 1.4 percent, Trade, Transportation & Utilities up 4,986 or 0.9 percent and Education & Health Services up 4,463 or 0.8 percent.
Despite strong job gains in May, Minnesota lags the nation in annual job growth in all 10 private sector industries.
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Monthly Employment
Minnesota gained a strong 10,200 jobs over the month in May on a seasonally adjusted basis with private employers gaining 9,900 jobs. U.S. seasonally adjusted employment rose by 0.2 percent in May.
Only one sector lost jobs over the month, Educational & Health Services down by 600 jobs or -0.1 percent. This usually strong industry has shed jobs every month in 2018 so far. Job losses have come in Health Services rather than Educational Services.
The largest monthly gains were in Professional & Business Services, primarily in the Professional, Scientific and Technical Services portion of the sector, Leisure & Hospitality, entirely in the Accommodations and Food Service portion, Construction, primarily in Specialty Trade Contractors portion, Manufacturing, primarily in Durable Good Manufacturing portion and Trade, Transportation & Utilities, primarily in Wholesale Trade portion of the sector.
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Minnesota Nonfarm Employment
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May - Seasonally Adjusted
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Minnesota
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U.S.
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Number of Jobs
Gained or Lost
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Percent
Change
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Percent
Change
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Total Nonfarm Employment
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10,200
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0.3%
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0.2%
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Total Private
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9,900
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0.4%
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0.2%
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Mining & Logging
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100
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1.5%
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0.5%
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Construction
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1,600
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1.3%
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0.3%
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Manufacturing
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1,400
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0.4%
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0.1%
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Trade, Transportation, & Utilities
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1,500
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0.3%
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0.2%
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Information
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100
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0.2%
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0.2%
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Financial Activities
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0
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0.0%
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0.1%
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Professional & Business Services
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2,700
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0.7%
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0.1%
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Educational & Health Services
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-600
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-0.1%
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0.2%
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Leisure & Hospitality
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2,200
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0.8%
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0.1%
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Other Services
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900
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0.8%
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0.2%
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Government
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300
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0.1%
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0.0%
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