Unemployment rate in state dips to 6.4 percent but state loses 6,100 jobsThe state's unemployment rate fell 0.5 percent to a seasonally adjusted 6.4 percent in October, according to figures released by the Minnesota Department of Employment and Economic Development (DEED). The U.S. unemployment rate was 9 percent in October.
The state's unemployment rate fell 0.5 percent to a seasonally adjusted 6.4 percent in October, according to figures released by the Minnesota Department of Employment and Economic Development (DEED). The U.S. unemployment rate was 9 percent in October.
The state lost 6,100 jobs during the month, although some of the declines were offset by a revision in the September figures from 7,400 jobs lost to 1,900 jobs lost.
"Minnesota's unemployment rate is at its lowest level since the U.S. financial crisis in November 2008," said DEED Commissioner Mark Phillips. "We're pleased to see continued improvement in some of the sectors that were hit the hardest by the recession, particularly construction."
Jobs in the construction sector in October were up year-over-year for the first time since April 2006.
Professional and business services led all sectors in October with 2,200 new jobs, followed by construction (up 1,700) and information (up 500). Mining and logging held steady for the month.
Job losses occurred in education and health services (down 3,000), leisure and hospitality (down 2,000), financial activities (down 1,600), trade, transportation and utilities (down 1,500), other services (down 1,000), government (down 800) and manufacturing (down 600).
Over the past year, the following sectors have gained jobs: professional and business services (up 6,500), education and health services (up 6,300), manufacturing (up 3,800), leisure and hospitality (up 3,600), trade, transportation and utilities (up 2,400), financial activities (up 1,100), construction (up 900), and logging and mining (up 100).
Year-over-year job losses have occurred in government (down 3,100), other services (down 1,500) and information (down 800).
In the state Metropolitan Statistical Areas, job gains occurred in the past year in the Mankato MSA (up 2.8 percent), Rochester MSA (up 1.7 percent) and Minneapolis-St. Paul MSA (up 1.2 percent). Job losses occurred in the St. Cloud MSA (down 1.3 percent) and the Duluth-Superior MSA (down 0.5 percent).
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 our services, visit us at www.PositivelyMinnesota.com. Follow us on Twitter at www.twitter.com/PositivelyMN.