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Minnesota Statistics Shows Workforce Near Capacity

From the Minnesota Department of Employment and Economic Development, August 15, 2019

Minnesota lost 1,300 seasonally adjusted jobs in July and the state’s unemployment rate edged up one tenth to 3.4%, according to data released today by the Minnesota Department of Employment and Economic Development (DEED). The U.S. Unemployment rate remained at 3.7%

July’s seasonally adjusted loss represents the first decline after four continuous months of gains that added 7,000 jobs. Minnesota’s labor force participation rate held at 70%.

“Even with this slight increase, Minnesota’s unemployment rate remains low and the labor force participation rate remains high,” said DEED Commissioner Steve Grove. “This continues to suggest that the state’s labor force is at or near capacity—and businesses will continue to find it challenging to hire and retain workers.”

Over the month, four major industry sectors gained jobs. Construction gained the most (up 1,600) followed by education and healthcare (up 1,000). Government (up 400) and trade, transportation, and utilities (up 200) were the other two sectors experiencing gains.

Sectors experiencing loss were leisure and hospitality (down 3,000), other services (down 1,200), information (down 200), and professional and business services (down 100).

All five Metropolitan Statistical Areas (MSA) experienced growth over the year in July. St. Cloud MSA had the highest at 1.5%, followed closely by Rochester MSA at 1.4%, Mankato MSA gained 1.0%, Minneapolis-St. Paul MSA grew 0.1%, and Duluth MSA gained 0.7%.

Read more here.

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