State and National Employment and Unemployment

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Unemployment

Minnesota’s unemployment rate fell another two-tenths of a percentage point in November to 3.7 percent on a seasonally adjusted basis. This rate was last matched in May 2001. The labor force participation rate held steady at 69.9 percent in November.

The national unemployment rate remained steady at 5.8 percent in November.

Unemployment Rates

November
2014

October
2014

November
2013

Minnesota

Seasonally Adjusted

3.7%

3.9%

4.6%

Not Seasonally Adjusted

3.2%

3.2%

4.2%

United States

Seasonally Adjusted

5.8%

5.8%

7.0%

Not Seasonally Adjusted

5.5%

5.5%

6.6%


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Annual Employment

Annual job growth improved slightly to 51,065 or 1.8 percent in November, compared to 2.0 percent nationally.

The private sector added 45,446 jobs over the year, up 1.9 percent. This is below national private sector growth of 2.3 percent.

Weakness in Construction in November brought the over-the-year growth rate for that industry down to 1.9 from 6.0 percent in October.

On the other hand, over-the-year growth improved to 4.2 percent in Profession & Business Services, its highest rate in three years, and 2.6 percent in Leisure & Hospitality, its highest rate since April 2012. Manufacturing remains strong with an over-the-year growth rate of 3.5 percent compared to 1.4 percent nationally.


Non-farm Employment graph


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Monthly Employment

Job growth remained strong in November as 6,600 jobs were added during the month on a seasonally adjusted basis. Private sector employers added 4,900 jobs while Government added 1,700 jobs.

Seven of the 11 major sectors gained jobs in November with Leisure & Hospitality up 6,100, Financial Activities up 3,100, and Professional & Business Services and Government up 1,700 each.

Construction had a very weak month with a loss of 3,500 jobs, down 3.1 percent, while Trade, Transportation, & Utilities lost 3,400 jobs.

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


Minnesota Nonfarm Employment

November - Seasonally Adjusted

Minnesota

U.S.

Number of Jobs
Gained or Lost

Percent
Change

Percent
Change

Total Nonfarm Employment

6,600

0.2%

0.2%

Total Private

4,900

0.2%

0.3%

Mining and Logging

200

2.7%

0.0%

Construction

-3,500

-3.1%

0.3%

Manufacturing

600

0.2%

0.2%

Trade, Transportation, and Utilities

-3,400

-0.7%

0.3%

Information

-200

-0.4%

0.1%

Financial Activities

3,100

1.7%

0.3%

Professional and Business Services

1,700

0.5%

0.4%

Education & Health Services

1,300

0.3%

0.2%

Leisure & Hospitality

6,100

2.4%

0.2%

Other Services

-1,000

-0.8%

0.3%

Government

1,700

0.4%

0.0%



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