State and National Employment and Unemployment

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Unemployment

Minnesota’s unemployment rate fell another one-tenth of a percentage point in December to 3.6 percent on a seasonally adjusted basis. The labor force participation rate ticked up to 70.0 percent in December. For 2014 as a whole, the number of unemployed Minnesotans is down by nearly 31,000 while the labor force has grown by just over 20,000.

The national unemployment rate dropped two-tenths of a percentage point to 5.6 percent in December.

Unemployment Rates

December
2014

November
2014

December
2013

Minnesota

Seasonally Adjusted

3.6%

3.7%

4.6%

Not Seasonally Adjusted

3.7%

3.2%

4.7%

United States

Seasonally Adjusted

5.6%

5.8%

6.7%

Not Seasonally Adjusted

5.4%

5.5%

6.5%


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Annual Employment

Annual job growth dropped to 33,400 or 1.2 percent in December, well below the national rate of 2.2 percent.

The private sector added 33,260 jobs over the year, up 1.4 percent, which is also well below national private sector growth of 2.5 percent.

This broad-based decline in over the year job growth put Minnesota behind the nation in all but two sectors, Logging & Mining, at 9.7 percent, and Manufacturing, at 2.4 percent.

Continued weakness in Construction in December brought over-the-year growth for that industry down to 0.1 percent, its lowest rate since turning positive four years ago. However, Information and Financial Activities are the only two sectors with negative over-the-year growth, with Government flat over the year.


Non-farm Employment graph


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Monthly Employment

The number of jobs fell by 5,200 over the month in December on a seasonally adjusted basis. Private sector employers lost 1,000 jobs while Government lost 4,200 jobs. Moreover, November’s gain was revised downward to 2,600 jobs.

Only three of the 11 sectors gained jobs in December. Trade, Transportation & Utilities added a healthy 4,100 jobs, while Other Services added 400 and Information added 300 jobs.

Manufacturing and Education & Health Services both had weak months down 1,400 and 1,500 respectively.

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


Minnesota Nonfarm Employment

December - Seasonally Adjusted

Minnesota

U.S.

Number of Jobs
Gained or Lost

Percent
Change

Percent
Change

Total Nonfarm Employment

-5,200

-0.2%

0.2%

Total Private

-1,000

0.0%

0.2%

Mining and Logging

0

0.0%

0.2%

Construction

-300

-0.3 %

0.8%

Manufacturing

-1,400

-0.4%

0.1%

Trade, Transportation, and Utilities

4,100

0.8%

0.1%

Information

300

0.5%

0.1%

Financial Activities

-1,100

-0.6%

0.1%

Professional and Business Services

-600

-0.2%

0.3%

Education & Health Services

-1,500

-0.3%

0.2%

Leisure & Hospitality

-900

-0.3%

0.2%

Other Services

400

0.3%

0.0%

Government

-4,200

-1.0%

0.1%



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