The state jobless rate remained at 3.4% last month, the Minnesota Department of Employment and Economic Development reported this week.
That compares with the 4.1% national unemployment rate in October, which was also steady and remained near historic lows.
DEED said that Minnesota’s labor force participation rate also remained at nearly 68%, keeping it among the top states in the workforce index.
“In general, Minnesota’s labor market held steady in recent months and we saw bigger variations in regional job change,” Labor Market Information Director Angelina Nguyen said in a Thursday statement. “Some Metropolitan Statistical Areas (MSAs) grew much faster than the state while other MSAs saw a small decline over the year. Each region has its strengths and specialties, which supports a diverse economy. …”
DEED said that six of Minnesota’s employment sectors added jobs in October, including Education & Health Services (up 1,300); Leisure & Hospitality (up 1,100); and Manufacturing (up 1,100).
Four sectors lost jobs, including Professional & Business Services (down 3,100) and Construction (down 1,100).
The state lost 1,000 jobs in October on a seasonally adjusted basis, translating to a 0.0% change. But an upward revision in September (1,100 jobs added) offset the October drop.
Minnesota has gained 33,257 payroll jobs so far in 2024, up 1.1% over the year, which is slightly below the national rate of 1.5%.
Average private sector hourly wages in Minnesota decreased slightly to $37.76 in October. Over-the-year average hourly earnings in the state increased $1.21, up 3.3% — outpacing inflation at 2.6%. For the U.S., private sector wages decreased 6 cents over the month and grew 3.3% over the year.
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