Minnesota’s Unemployment Rate at Lowest Level Since 2019
St. Paul, MN (KROC-AM News) - The unemployment rate in Minnesota has clicked down two-tenths of a percentage point, now at its lowest level in three years.
The Minnesota Department of Employment and Economic Development released the numbers Thursday, reporting that Minnesota’s unemployment rate ticked down to 3.1%, and the labor force participation rate remained steady at 67.7%. The U.S. unemployment rate fell three-tenths of a percentage point to 3.9% and the national labor force participation rate held steady at 61.9%.
In December, Minnesota lost 2,000 jobs, which was down 0.1% on a seasonally adjusted basis. The private sector lost 2,200 jobs, down 0.1%. The decline is coupled with a large upward revision of the November employment numbers, which were revised upward by 5,000 jobs in total nonfarm unemployment and upward by 4,600 jobs in the private sector. Those upward revisions are on top of the strong growth of 8,600 jobs reported in November when the private sector gained 10,200 jobs.
“Today’s jobs report is a reminder that economic progress in these times is not a straight line,” said DEED Commissioner Steve Grove. “The good news remains that our economy is bursting with great job opportunities, and DEED will continue our proactive programs to Minnesota job-seekers across the state.”
DEED reports that job growth has been uneven coming out of the pandemic recession. Minnesota added 9,100 jobs in August-October, 12,300 in September-November, and 7,200 jobs in October-December.
From December 2020 to December 2021, employment was up 5.6 percent in the Rochester metropolitan statistical area.
The full job report is available here.