Minnesota’s unemployment rate ticked down four-tenth of one percentage point in October to 3.3 percent on a seasonally adjusted basis. October’s rate of 3.3 percent is the lowest Minnesota’s seen since October 2000, exactly 17 years ago.
Both the labor force participation rate and the employment to population ratio continued their recent upward trends in October. The participation rate reached 70.5 percent and the share of the working age population with jobs hit 68.1 percent in Minnesota, both well above their respective national counterparts of 62.7 percent and 60.2 percent.
The U.S. seasonally adjusted unemployment rate ticked down one-tenth of a percentage point in October to 4.1 percent.
With the addition of 41,372 jobs, annual (over the year) job growth in Minnesota remained steady at 1.4 percent in October. This was equivalent to the comparable national rate in October. Private sector job growth in Minnesota rose slightly, to 1.6 percent in October, also equivalent to the U.S. private sector job growth rate.
Nine of the eleven major sectors added jobs over the year. Education & Health Services led the pack with an annual gain of 13,400 jobs, followed by Leisure & Hospitality, up 6,800, Construction and Trade, Transportation & Utilities, up 4,900 each, and Other Services, up 4,400 jobs. Only Financial Activities, down 1,200 and Information, down 900, lost jobs over last October.
Minnesota currently is tied with or outpaces national job growth in nine of the eleven major sectors, lagging only in Financial Activities and Professional & Business Services.
Minnesota lost 4,500 jobs on a seasonally adjusted basis in October, with the private sector down by 5,000 jobs. Nationally, seasonally adjusted employment rose 0.2 percent in October.
Seven of the 11 major industry sectors lost jobs during October in Minnesota, with Education & Health Care and Construction losing the largest numbers. Job losses in Education & Health Care were spread across the sector with losses in both Private Educational Services as well as Health Care & Social Assistance. This is the fourth month in a row that Construction has lost jobs on a seasonally adjusted basis.
Trade, Transportation & Utilities also saw substantial losses, all in the Wholesale Trade and the Transportation, Warehousing & Utilities portions of the sector. Retail Trade, on the other hand, registered an additional 600 jobs on a seasonally adjusted basis to kick off the holiday hiring season.
After a slowdown in September, Leisure & Hospitality had an impressive rebound, adding the most jobs of any sector in October on a seasonally adjusted basis. All of the gains came in the Arts, Entertainment, & Recreation portion of the sector.
Gains in Manufacturing, which has added jobs for the last five months, were in both Durable and Nondurable Goods.