Minnesota's unemployment rate is now back to where it was in March 2020 in the early days of the pandemic.
The state's unemployment rate dropped two-tenths of percent to 3.5% in October, according to figured released today by the Minnesota Department of Employment and Economic Development (DEED). That compares to 4.6% at the national level.
However, the size of the state's labor force also shrank by nearly 1,000 people last month, and remains about 84,000 workers short of what it was before the pandemic.
Minnesota's unemployment rate hovered around 3.1% in 2019, and began to inch up in the first months of 2020, spiking considerably in April and reaching an all-time high of 11.3% in May of that year. It has since been slowly and steadily falling.
Minnesota also added 9,900 jobs last month, which was fewer than it added in September. But September's big jump of 17,000 jobs was also revised downward to 13,200 jobs.
Professional and business services, manufacturing, and leisure and hospitality led the way with job gains last month. That was partially offset by some losses in information and government.
"It's good to see another month of job growth in Minnesota, despite a very tight labor market," DEED Commissioner Steve Grove said in a statement.
He added that wage gains have managed to outpace inflation, which offers good opportunities for those looking for, and securing, work.
Average hourly earnings for all private sector workers in Minnesota rose 41 cents to $33.43 in October. Over the year, average hourly earnings rose nearly $2, up 6.3%. That is just slightly more than the Consumer Price Index, a measure of inflation, which showed a 6.2% percent increase over the year.
Minnesota has now regained about 71% of the jobs it lost during the pandemic.
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November 18, 2021 at 11:39PM
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Minnesota's unemployment rate drops to 3.5%, matching where it was in March 2020 - Minneapolis Star Tribune
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