State and National Employment and Unemployment

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Unemployment

Minnesota’s unemployment rate fell two-tenths of a percentage point for the third consecutive month in October to 3.9 percent on a seasonally adjusted basis. This rate was last matched in May through June 2006, the unemployment rate’s low point during the 2002 to 2007 expansion.

For the second month in a row, the declining unemployment rate, and fewer unemployed individuals, came about as the labor force increased, although only by enough to maintain the labor force participation rate at 69.9 percent. Over the past year, the participation rate has dropped two-tenths of a percentage point as the labor force level has increased by just over 18,000 or 0.6 percent. Even this small increase is unlikely to be sustained in the coming years as the workforce continues to age.

The national unemployment rate fell one-tenth of a percentage point in October to 5.8 percent, its lowest since July 2008.


Unemployment Rates

October
2014

September
2014

October
2013

Minnesota

Seasonally Adjusted

3.9%

4.1%

4.8%

Not Seasonally Adjusted

3.2%

3.6%

4.3%

United States

Seasonally Adjusted

5.8%

5.9%

7.3%

Not Seasonally Adjusted

5.5%

5.7%

7.0%

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Annual Employment

Annual job growth improved slightly to 49,697 or 1.8 percent in October, compared to 2.0 percent nationally.

The private sector added 46,171 jobs over the year, up 1.9 percent. This is below national private sector annual job growth of 2.3 percent.

Goods-producing sectors have done particularly well in Minnesota during the recovery with each sector continuing to outperform its national counterpart. In aggregate goods-producing sectors were up over last year by 4.1 percent with Logging & Mining up 8.6 percent, Construction up 6.0 percent and Manufacturing up 3.4 percent, the three highest over-the-year growth rates by industry sector in October.

Financial Activities, and especially the finance & insurance industry, remains the glaring weak spot, down 1.7 percent in October.


Non-farm Employment graph


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Monthly Employment

Job growth remained strong in October as 9,500 jobs were added during the month on a seasonally adjusted basis. This was on top of an upward revision to 10,000 in September. Private sector employers added 10,200 jobs while Government employment fell by 700 in October.

Six of the 11 major sectors gained jobs in October with Trade, Transportation & Utilities up 5,200, Education & Health Services up 4,500 and Manufacturing up 2,300 jobs over the month.

Leisure & Hospitality and Professional & Business Services lost the most jobs over the month.

National job growth stood at 0.2 percent on a seasonally adjusted basis in October.


Minnesota Nonfarm Employment

October - Seasonally Adjusted

Minnesota

U.S.

Number of Jobs
Gained or Lost

Percent
Change

Percent
Change

Total Nonfarm Employment

9,500

0.3%

0.2%

Total Private

10,200

0.4%

0.2%

Mining and Logging

100

1.4%

0.1%

Construction

900

0.8%

0.2%

Manufacturing

2,300

0.7%

0.1%

Trade, Transportation, and Utilities

5,200

1.0%

0.2%

Information

-200

-0.4%

-0.1%

Financial Activities

-400

-0.2%

0.0%

Professional and Business Services

-1,300

-0.4%

0.2%

Education and Health Services

4,500

0.9%

0.2%

Leisure and Hospitality

-2,100

-0.8%

0.4%

Other Services

1,200

1.0%

0.1%

Government

-700

-0.2%

0.0%


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