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November 22, 2011
- All labor force data are subject to revision.
- The unemployment rate is the percentage of people actively seeking work compared with those in the labor force (employed plus unemployed).
State and National Unemployment Rates
Jobless Rate Drops to 6.4 Percent |
ST. PAUL –In October, Minnesota’s seasonally adjusted unemployment rate fell to 6.4 percent.
The unemployment rate and the 191,950 unemployed individuals are now down to levels not seen since November 2008. Seasonally adjusted new claims for unemployment benefits were below the 25,000 mark for the third straight month, an encouraging sign that the pace of layoffs is diminishing.
The national unemployment rate fell slightly to 9.0 percent in October.
Unemployment Rates |
|||
|
October |
September |
October |
Minnesota |
|||
Seasonally Adjusted |
6.4% |
6.9% |
7.0% |
Not Seasonally Adjusted |
5.4% |
5.9% |
6.4% |
United States |
|||
Seasonally Adjusted |
9.0% |
9.1% |
9.7% |
Not Seasonally Adjusted |
8.5% |
8.8% |
9.0% |
Over-the Year Employment Change
Minnesota gained 19,331 jobs over-the-year in October, up 0.7 percent from one year ago. This is below the U.S. annual growth of 1.1 percent in October.
Growth leaders over the past year continue to be Professional and Business Services, which added 6,480 jobs. Education and Health Services (up 6,340 jobs), Manufacturing (up 3,790 jobs), and Leisure and Hospitality (up 3,610 jobs) also saw positive gains.
The Financial Activities sector also gained jobs, approximately 1,130, a 0.7 percent increase over the year and compared to a 0.1 percent decline nationally.
And for the first time since April 2006, the Construction industry added jobs (up 890) over the year,
Losses were concentrated in Government (down 3,140 jobs), Other Services (down 1,450 jobs), and Information (down 790 jobs).
Overall, private firms in Minnesota added 22,480 jobs over the year, a growth rate of 1.0%, and compared to 1.7% nationally.
Monthly Employment Change by Sector
Minnesota lost 6,100 jobs in October, nearly all in the private sector.
Three sectors added jobs and seven sectors lost jobs over the month. The largest job gainer was Professional and Business Services, up 2,200 over the month, with gains concentrated in the employment services sector. Construction added 1,700 jobs and Information added 500 jobs.
Losses were concentrated in Education and Health Services, which shed 3,000 jobs, largely due to a drop in private colleges and universities. Leisure and Hospitality also shed 2,200 jobs for the month.
Financial Activities lost 1,600 jobs over the month, with losses concentrated in the real estate sector. Trade, Transportation, and Utilities (down 1,500), Other Services (down 1,000), Government (down 800), and Manufacturing (down 600) also lost jobs in October. Employment in the Mining and Logging industry remained unchanged.
Minnesota Nonfarm Employment |
|||
|
October - Seasonally Adjusted |
||
Minnesota |
U.S. |
||
Number of Jobs |
Percent |
Percent |
|
Total Nonfarm Employment |
-6,100 |
-0.2% |
0.1% |
Total Private |
-5,300 |
-0.2% |
0.1% |
Mining and Logging |
0 |
0.0% |
0.6% |
Construction |
1,700 |
2.0% |
-0.4% |
Manufacturing |
-600 |
-0.2% |
0.0% |
Trade, Transportation, and Utilities |
-1,500 |
-0.3% |
0.1% |
Information |
500 |
0.9% |
-0.2% |
Financial Activities |
-1,600 |
-0.9% |
1.1% |
Professional and Business Services |
2,200 |
0.7% |
0.2% |
Educational and Health Services |
-3,000 |
-0.6% |
0.1% |
Leisure and Hospitality |
-2,000 |
-0.8% |
0.2% |
Other Services |
-1,000 |
-0.9% |
0.0% |
Government |
-800 |
-0.2% |
-0.1% |
Find the latest Minnesota economic information at:
http://www.positivelyminnesota.com/Data_Publications/Data/
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