ST. PAUL – Minnesota’s unemployment rate fell 0.4 percent in October to 3.3 percent, its lowest level in 17 years, according to seasonally adjusted figures released today by the Minnesota Department of Employment and Economic Development (DEED). The U.S. jobless rate was 4.1 percent in October.
The agency said state employers eliminated 4,500 jobs on a seasonally adjusted basis in October. Over the past 12 months, however, Minnesota has gained 41,372 jobs, a 1.4 percent growth rate, matching the U.S. rate of job growth during that period.
“Minnesota’s labor market is still growing at a healthy pace, adding more than 290,000 jobs since Governor Dayton took office in January 2011,” said DEED Commissioner Shawntera Hardy. “Over the past year, nine of the state’s 11 industrial sectors have outpaced the national growth rate.”
Leisure and hospitality led all sectors last month, gaining 1,400 jobs. Other industries adding jobs were manufacturing (up 600), government (up 500) and information (up 400).
The following industries lost jobs in October: education and health services (down 2,400), construction (down 2,300), trade, transportation and utilities (down 1,600), financial activities (down 500), other services (down 400), professional and business services (down 100) and logging and mining (down 100).
Education and health services gained the most jobs over the past year (up 13,380). It was followed by leisure and hospitality (up 6,776), construction (up 4,893), trade, transportation and utilities (up 4,881), other services (up 4,417), manufacturing (up 3,974), professional and business services (up 2,670), government (up 1,885) and logging and mining (up 615).
Financial activities (down 1,215) and information (down 904) lost jobs in the past 12 months.
In the Metropolitan Statistical Areas, all regions gained jobs in the past 12 months: Minneapolis-St. Paul MSA (up 2.4 percent), Duluth-Superior MSA (up 1.6 percent), Rochester MSA (up 0.5 percent), St. Cloud MSA (up 1.6 percent) and Mankato MSA (up 1.6 percent).
DEED has added a section to its website that examines the unemployment rate by demographics (race, age and gender) and looks at alternative measures of unemployment.
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow DEED on Twitter.