Minnesota’s unemployment rate remained 2.7% in February and the state saw minimal job growth, 100 jobs added, in the month, the state Department of Employment and Economic Development said Thursday. This compares with a U.S. unemployment rate of 3.9% in February.
But DEED also noted that the private sector shed 1,600 jobs in the month, with the difference made up by government hiring, 1,700 jobs. Minnesota added more than 1,000 people to its labor force, bringing the labor force participation rate to 67.9%. This measures the percentage of the population that is working or actively seeking work, and is used to measure the state’s benchmark unemployment rate.
“Job growth held steady in February, part of a larger trend after the dramatic gains early in the pandemic recession recovery,” said DEED Deputy Commissioner Kevin McKinnon in a news release. “There are many job openings in the state and we’re focused on connecting people who need work with openings that match their skills. Job growth only happens when there are workers to fill open jobs.”
By sector, Professional & Business Services gained 1,200 jobs and Manufacturing gained 800 jobs; this was offset by losses in Construction, 3,000 jobs, Trade, Transportation & Utilities, 600 jobs and Financial Activities, which lost 500 jobs.
By ethnicity, the state said Black unemployment was 3.2%; Hispanic, 4.4% in February; white Minnesotans, 2.8%, and Asian 1.9% in February.
A broader alternative measure of unemployment, called the U-6, logged in at 5.5%, up from 5.4% in January. This data factor in people who have left the labor force voluntarily and are no longer looking for work, and also people who are minimally or under-employed.
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