State and National Employment and Unemployment

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Unemployment

Minnesota’s unemployment rate fell two tenths of a percentage point in August to 4.3 percent on a seasonally adjusted basis. 

This decrease was once again driven by a further reduction in labor force participation as baby boomers continue to retire.  The participation rate fell in August to 69.8 percent, a rate last seen in September 1980.  Despite this, Minnesota’s participation rate was tied for third-highest in the nation in July indicating that the falling participation rate is a nation-wide trend.  Since breaking the three million mark for the first time last March, Minnesota’s labor force has shrunk by 21,670 individuals.

The national unemployment rate dropped to 6.1% in August.


  
Unemployment Rates

 

August
2014

July
2014

August
2013

Minnesota

Seasonally Adjusted

4.3%

4.5%

5.0%

Not Seasonally Adjusted

3.8%

4.3%

4.7%

United States

Seasonally Adjusted

6.1%

6.2%

7.3%

Not Seasonally Adjusted

6.3%

6.5%

7.3%

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Annual Employment

Annual job growth slowed slightly to 56,311 or 2.0 percent in August, compared to 1.8 percent nationally.  Private sector over-the-year growth fell slightly to 38,436, or 1.6 percent, slightly below national private sector over-the-year growth of 2.1 percent.

On continued strength in local government education, the public sector is leading all private sector components in annual growth with nearly 18,000 more jobs than a year ago.

Manufacturing and Professional & Business Services are both up just shy of 10,000 jobs since last August, and Logging & Mining and Construction are the top two gainers in growth rate terms at 7.8 and 6.4 percent respectively. 

Financial Activities and Other Services continue to be the only sectors to have lost jobs over the year.


Non-farm Employment graph


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Monthly Employment

Job growth rebounded in August as 6,100 jobs were added during the month on a seasonally adjusted basis, with 5,700 of these jobs coming in the private sector.  Employment losses of 4.200 last month were revised with more complete date to show a loss of only 100 jobs in July. 

Nine of the 11 major sectors gained jobs in August with Construction and Professional & Business Services each up by 2,500 jobs over the month.  Manufacturing gained 800 jobs on top of 1,100 jobs gained in July.  The only two industry sectors to lose jobs in August were Financial Activities down 800 and Leisure & Hospitality, down 600 jobs over the month.

Minnesota’s Private Sector gained 5,700 jobs while Government gained 400 jobs over the month. 


Minnesota Nonfarm Employment

 

August - Seasonally Adjusted

Minnesota

U.S.

Number of Jobs
Gained or Lost

Percent
Change

Percent
Change

Total Nonfarm Employment

6,100

0.2%

0.1%

Total Private

5,700

0.2%

0.1%

Mining and Logging

300

4.1%

0.2%

Construction

2,500

2.3%

0.3%

Manufacturing

800

0.3%

0.0%

Trade, Transportation, and Utilities

200

0.0%

0.0%

Information

400

0.7%

-0.1%

Financial Activities

-800

-0.4%

0.1%

Professional and Business Services

2,500

0.7%

0.2%

Education and Health Services

100

0.0%

0.2%

Leisure and Hospitality

-600

-0.2%

0.1%

Other Services

300

0.3%

0.1%

Government

400

0.1%

0.0%



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