Minnesota Jobless Rate is Lowest Since October 2000
St. Paul, MN (KROC-AM News) - The latest jobs report from the state shows Minnesota’s economy experienced a net loss of about 4500 jobs in October, but the state's seasonally adjusted unemployment rate fell to the lowest level in 17 years.
The Minnesota Department of Employment and Economic Development says the jobless rate in October fell 4-tenths of a point from September to 3.3-percent, matching the unemployment rate from October 2000. The jobless rate last month was also down 7-tenths of a point when compared to October of last year.
While Minnesota experienced a net loss of jobs last month, the state has gained over 41,000 jobs during the past 12 months for job growth rate of 1.4-percent. The jobs report shows gains in the leisure and hospitality sector last month were overrun by the loss of 2400 jobs in the education and health services sector and a drop of 2300 jobs in the construction sector.
The data shows the Twin Cities had a job growth rate of 2.4-percent for the past year with a gain of 47,000 jobs, while the year over year growth rate in the Rochester area was only a half a percentage point, which translates to only about 640 jobs.