The unemployment rate held at 2.7% in Minnesota in February, on a seasonally adjusted basis.
The number of unemployed ticked up to 84,171 workers and the number of employed decreased to 3,010,542 workers. The labor force grew to 3,094,713 workers, and the labor force participation rate held at 67.9%.
The U.S. unemployment rate grew to 3.9% in February, on a seasonally adjusted basis. The labor force participation rate held at 62.5%.
Unemployment Rates | |||
---|---|---|---|
February 2024 |
January 2024 |
February 2023 |
|
Minnesota | |||
Seasonally Adjusted | 2.7% | 2.7% | 2.8% |
Not Seasonally Adjusted | 3.6% | 3.3% | 3.4% |
United States | |||
Seasonally Adjusted | 3.9% | 3.7% | 3.6% |
Not Seasonally Adjusted | 4.2% | 4.1% | 3.9% |
Minnesota’s monthly job growth was mostly flat in February as the state added 100 jobs, or 0.0%.
Six of eleven published supersectors posted positive growth: Manufacturing added 800 jobs, Information added 200 jobs, Professional and Business Services added 1,200 jobs, Education and Health Services added 200 jobs, Other Services added 600 jobs and Government added 1,700 jobs.
Five published supersectors posted decreases. Mining and Logging lost 100 jobs; Construction lost 3,000 jobs; Trade, Transportation and Utilities lost 600 jobs; Financial Activities lost 500 jobs; and Leisure and Hospitality lost 400 jobs.
U.S. total payroll employment was up in January, adding 275,000 jobs, or 0.2%. Private sector employers added 223,000 jobs (0.2%) on a seasonally adjusted basis. Minnesota outperformed the nation in five supersectors.
Minnesota Payroll Employment - Seasonally Adjusted | |||
---|---|---|---|
February 2024 | |||
Minnesota | U.S. | ||
Number of Jobs Gained or Lost over the Month |
Percent Change |
Percent Change |
|
Total Nonfarm Employment | +100 | +0.0% | +0.2% |
Total Private | -1,600 | -0.1% | +0.2% |
Mining & Logging | -100 | -1.4% | 0.0% |
Construction | -3,000 | -2.3% | +0.3% |
Manufacturing | +800 | +0.2% | 0.0% |
Trade, Transportation, & Utilities | -600 | -0.1% | +0.1% |
Information | +200 | +0.5% | +0.1% |
Financial Activities | -500 | -0.3% | 0.0% |
Professional & Business Services | +1,200 | +0.3% | 0.0% |
Education & Health Services | +200 | +0.0% | +0.3% |
Leisure & Hospitality | -400 | -0.1% | +0.3% |
Other Services | +600 | +0.5% | +0.2% |
Government | +1,700 | +0.4% | +0.2% |
Minnesota over the year (OTY) payroll employment growth stood at 37,565 or 1.3%, up from January’s 1.2% growth. The private sector added 15,274 jobs, or 0.6% in February, the same as January’s 0.6% growth.
U.S. total nonfarm over-the-year job growth stood at 1.8% in February, the same as January, and private sector employment growth was at 1.6%, also the same level as the previous month.
Six of eleven published supersectors in Minnesota lost jobs over the year. Construction lost 2,211 jobs (1.9%), Manufacturing lost 2,365 jobs (0.7%), Information lost 2,230 jobs (4.9%) Financial Activities lost 4,494 jobs (2.4%), and Professional and Business Services lost 11,643 jobs (3%).
Annual job growth in Minnesota was the highest in Mining and Logging, which added 809 jobs (14.1%). Trade, Transportation and Utilities added 6,901 jobs (1.3%). Education and Health Services added 19,841 jobs (3.5%), Leisure and Hospitality was up 6,437 jobs (2.6%), Other Services was up 4,229 jobs (3.8%) and Government was up 22,291 jobs (5.3%).
Four supersectors showed strength over the year in Minnesota compared to the nation. Mining and Logging was up 14.1% (versus 1.1%); Trade, Transportation and Utilities was up 1.3% (versus 0.2%); Other Services was up 3.8% (versus 1.7%) and Government was up 5.3% (versus 2.8%). .
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