Minnesota’s unemployment rate drops to 3.5%; wage and employment growth continues – Twin Cities

Employment figures in Minnesota continued to improve in October as the unemployment rate fell and job and wage growth continued, according to the Department of Employment and Labor. State economic development.

The agency released its latest seasonally adjusted employment figures on Thursday, showing the state gained 9,900 jobs from September through October. Minnesota has now recovered 295,800, or 71% of the 416,300 jobs lost from February to April 2020 at the height of the economic crisis linked to the coronavirus pandemic.

“It’s good to see another month of job growth in Minnesota, despite a very tight job market. … Employers pay higher wages, outpacing the pace of inflation, which presents many exciting opportunities for job seekers, ”DEED Commissioner Steve Grove said in a prepared statement.

Other key details in Thursday’s DEED announcement:

  • Minnesota’s unemployment rate was 3.5% in October, down from 3.7% the month before. The 3.5% rate is what the state recorded in March 2020 before the impact of the pandemic was measurable. It is also well below the national rate for October: 4.8%.
  • The average hourly wage in Minnesota rose 41 cents to $ 33.43 in October. This is an increase of $ 1.99, or 6.3%, from the same month a year ago. Nationally year on year, private sector wages increased 5.1% and the consumer price inflation index increased 6.2%.
  • The average workweek for Minnesotans was 34.5 hours in October, up a tenth of an hour from the previous month.

WHERE WERE THE JOBS

How industries performed in October:

  • Professional and business services added 3,200 jobs.
  • Manufacturing up 3,000 jobs
  • Leisure and hospitality, up to 2,700 jobs.
  • Education and health service up 1,000.
  • Trade, transport and public services created 500 jobs.
  • Financial activities, up 500 jobs.
  • Construction up to 400 workers.
  • Other services added 300 jobs.
  • Mining and logging remained unchanged.
  • Information has lost 100 jobs.
  • Government employers have lost 1,600 jobs.

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