State adds 8,400 jobs in May; jobless rate holds steady
Minnesota employers added 8,400 jobs in May, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED). Minnesota has now gained just over 93 percent of the jobs lost during the recession, 10,700 jobs shy of the state's pre-recessionary peak.
The agency said the state's seasonally adjusted unemployment rate remained unchanged from the previous month at 5.3 percent, compared with a U.S. unemployment rate of 7.6 percent in May. Minnesota has added 43,300 jobs over the past year, a growth rate of 1.6 percent that matches U.S. job growth during that period.
"Last month's figures add to the mounting evidence of a broad-based economic recovery in Minnesota," said DEED Commissioner Katie Clark Sieben. "Every major industrial sector has added jobs in the past 12 months, and the state's unemployment rate remains at a five-year low."
April figures were revised from 11,400 jobs lost to 10,200 jobs lost.
Leisure and hospitality gained 2,900 jobs last month, followed by government (up 2,800), professional and business services (up 2,000), education and health services (up 1,800), other services (up 1,100), construction (up 1,000), manufacturing (up 100) and financial activities (up 100).
Job losses occurred in trade, transportation and utilities (down 2,600), information (down 700), and mining and logging (down 100).
Professional and business services led all sectors over the past 12 months, gaining 11,600 jobs. Other job growth occurred in education and health services (up 11,500), leisure and hospitality (up 9,600), trade, transportation and utilities (up 5,200), construction (up 1,300), government (up 1,100), other services (up 1,000), information (up 800), financial activities (up 500), manufacturing (up 300), and logging and mining (up 300).
In the state Metropolitan Statistical Areas, job growth occurred in the past 12 months in the Minneapolis-St. Paul MSA (up 2.6 percent), St. Cloud MSA (up 1.7 percent), Mankato MSA (up 1.2 percent), Rochester MSA (up 0.8 percent) and Duluth-Superior MSA (up 0.7 percent).
DEED is the state's principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development.