Minnesota’s unemployment rate ticked down two-tenth of one percentage point in November to 3.1 percent on a seasonally adjusted basis.
The number of unemployed Minnesotans fell below 100,000, to 96,674, for the first time since March 2001. The labor force participation rate and the employment-to-population ratio each continued their recent improvements by increasing to 70.6 percent and 68.4 percent, respectively.
The U.S. seasonally adjusted unemployment rate remained steady in November at 4.1 percent.
Unemployment Rates |
|||
Nov |
Oct |
Nov |
|
Minnesota |
|||
Seasonally Adjusted |
3.1% |
3.4% |
4.0% |
Not Seasonally Adjusted |
2.6% |
2.4% |
3.4% |
United States |
|||
Seasonally Adjusted |
4.1% |
4.1% |
4.6% |
Not Seasonally Adjusted |
3.9% |
3.9% |
4.4% |
With the addition of 34,566 jobs, annual nonfarm job growth in Minnesota slipped to 1.2 percent while private sector job growth fell to 1.4 percent in November. These are the lowest over the year growth rates since December 2016. Both are now below equivalent national rates of 1.4 percent for total nonfarm and 1.7 percent for private sector annual employment growth.
Eight of the eleven major sectors added jobs over the year. Education & Health Services led the pack again with an annual gain of 11,435 jobs, followed by Trade, Transportation & Utilities, up 7,002, Professional & Business Services, up 5,993, Construction, up 5,384 and Other Services, up 4,466 jobs.
Three sectors lost jobs over the year. Leisure & Hospitality lost 2,270 jobs, while Information lost 1,027 and Financial Activities lost 735 jobs over last November.
Minnesota currently is tied with or outpaces national job growth in seven of the eleven major sectors, down from nine last month.
Minnesota lost jobs for the second consecutive month in November, with a drop of 4,000 on a seasonally adjusted basis. The private sector lost 3,400 jobs. Nationally, seasonally adjusted employment rose 0.2 percent in November.
Six of the eleven major industry sectors gained jobs during the month, led by Trade, Transportation & Utilities, Construction and Professional & Business Services. In Trade, Transportation & Utilities, Wholesale Trade added 2,000 jobs and Retail Trade added 800 jobs while Transportation, Warehousing and Utilities shed 500 jobs all together. So far this holiday season, Retail Trade hiring appears strong.
Losses were greatest in Leisure & Hospitality and Other Services. The bulk of job losses in Leisure & Hospitality were in Accommodation & Food Services, down 5,600, with smaller losses in Arts, Entertainment & Recreation, down 1,900 jobs. Additionally, the October adjusted jobs numbers were revised downward by 600 jobs in the sector.
Minnesota Nonfarm Employment |
|||
November - Seasonally Adjusted |
|||
Minnesota |
U.S. |
||
Number of Jobs |
Percent |
Percent |
|
Total Nonfarm Employment |
-4,000 |
-0.1% |
0.2% |
Total Private |
-3,400 |
-0.1% |
0.2% |
Mining & Logging |
100 |
1.4% |
1.0% |
Construction |
1,800 |
1.5% |
0.3% |
Manufacturing |
-700 |
-0.2% |
0.2% |
Trade, Transportation & Utilities |
2,300 |
0.4% |
0.1% |
Information |
-700 |
-1.4% |
-0.1% |
Financial Activities |
500 |
0.3% |
0.1% |
Professional & Business Services |
1,800 |
0.5% |
0.2% |
Educational and Health Services |
500 |
0.1% |
0.2% |
Leisure & Hospitality |
-7,500 |
-2.8% |
0.1% |
Other Services |
-1,500 |
-1.2% |
0.2% |
Government |
-600 |
-0.1% |
0.0% |
