Minnesota Unemployment Rate and Labor Force Participation Remain Steady



Minnesota Department of Employment and Economic Development Press Release


*For Immediate Release*




Mary Haugen

[email protected]




November 14, 2024

Media Resources [ [link removed] ]

Previous Announcements [ [link removed] ]





________________________________________________________________________



Minnesota Unemployment Rate and Labor Force Participation Remain Steady

St. Paul, MN – Minnesota’s unemployment rate remained at 3.4% in October and for the fourth consecutive month the state’s labor force participation rate held steady at 67.7%, according to data from the Minnesota Department of Employment and Economic Development (DEED). The national unemployment rate also remained steady at 4.1% and Minnesota continues to rank among the top states for labor force participation.

“Last month, we announced two major business expansions – Sofidel [ [link removed] ] and Solventum [ [link removed] ] – that will retain and add thousands of jobs in the state,” said *DEED Commissioner Matt Varilek*. “On top of those expansions, we also announced the latest round of broadband development funding [ [link removed] ], which enables more businesses across Greater Minnesota to grow and attract talent. These critical developments help address workforce challenges and create an ongoing climate ripe for business expansion, job creation and economic growth.”

Six of Minnesota’s 11 supersectors added jobs in October, including Education & Health Services (up 1,300 jobs); Leisure & Hospitality (up 1,100 jobs); and Manufacturing (up 1,100 jobs). Four supersectors lost jobs, including Professional & Business Services (down 3,100 jobs) and Construction (down 1,100 jobs).

Annually, five supersectors posted positive annual growth in the state, including Education & Health Services, which was up 33,412 jobs, or 5.8% for Minnesota, outpacing the national rate of 3.8%. Growth was also strong in Minnesota’s Health Care & Social Assistance sector, up 6.7% annually. 

Minnesota lost 1,000 jobs in October on a seasonally adjusted basis, translating to a 0.0% change. This over-the-month loss is neutralized by an upward revision to the number of jobs gained in September (an additional 1,100 were added following revisions to the numbers). 

Minnesota gained 33,257 payroll jobs, up 1.1% over the year, which is slightly slower than the national rate of 1.5%.

The average private sector hourly wage in Minnesota decreased slightly to $37.76 in October. Over-the-year average hourly earnings in the state increased $1.21, up 3.3% – outpacing inflation at 2.6%. For the U.S., private sector wages decreased 6 cents over the month and grew 3.3% over the year.

“In general, Minnesota’s labor market held steady in recent months and we saw bigger variations in regional job change,” said *Labor Market Information Director Angelina Nguyen*. “Some Metropolitan Statistical Areas (MSAs) grew much faster than the state while other MSAs saw a small decline over the year. Each region has its strengths and specialties, which supports a diverse economy with multiple strong supersectors.”

In support of ongoing job creation and small business development, DEED’s Office of Small Business & Innovation just launched a “Season of Small Business” campaign [ [link removed] ] highlighting the big impact small businesses have on local communities, the state’s economy and employment.

Visit the DEED website to view full state and national employment statistics [ [link removed] ], monthly jobs numbers [ [link removed] ] and further analysis of this month’s data [ [link removed] ]. You can also find alternative measures of unemployment [ [link removed] ]. In addition, find related articles about job growth and labor market changes in the latest issue of Minnesota Employment Trends [ [link removed] ]. Access resources to help Minnesotans prepare for and find employment now at CareerForceMN.com [ [link removed] ].

" "###

"Upon request, this information can be made available in alternate formats for people with disabilities by contacting the DEED Communications Office at 651-259-7161."





________________________________________________________________________

Minnesota Department of Employment and Economic Development Logo 2016 [ [link removed] ]

 

Questions? Contact Us [ [link removed] ]

Sign up for email updates [ [link removed] ]   Follow us on X [ [link removed] ]   Sign up for email updates [ [link removed] ]

Bookmark and Share [ [link removed] ]

SUBSCRIBER SERVICES:

Manage Preferences [ [link removed] ]  |  Unsubscribe [ [link removed] ]  |  Help [ [link removed] ]

"DEED is an equal opportunity employer and program provider."


________________________________________________________________________

This email was sent to [email protected] using GovDelivery Communications Cloud on behalf of: Minnesota Department of Employment and Economic Development · Great Northern Building, 180 E 5th St Suite 1200, St. Paul, MN 55101 · (800) 657-3858 GovDelivery logo [ [link removed] ]