Friday, May 20, 2022

Unemployment in Minnesota falls to the lowest level since 2019

The unemployment rate in Minnesota fell two-tenths of a percentage point to 3.1 percent in December, the lowest level since 2019.

The fall is due to revised data for November; the state actually lost 2,000 jobs in December. The latest seasonally adjusted data released Thursday by the Minnesota Department of Employment and Economic Development revised up November job growth to 8,600 jobs, up 5,000 jobs.

“Today’s jobs report is a reminder that economic progress in our time is not a straight line,” DEED Commissioner Steve Grove said in a prepared statement, noting that job growth since the pandemic downturn has been uneven. “The good news remains that our economy is teeming with great job opportunities.”

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The country’s unemployment rate fell by three-tenths of a percentage point to 3.9 percent in December.

Minnesota lost 416,300 jobs in February, March and April 2020 when the pandemic first hit the state. The state has since restored 307,400, or 74 percent, of those jobs.

A DEED report released Thursday notes that the economic impact of the pandemic is difficult to measure. Along with job cuts and layoffs, some have dropped out of the workforce altogether. The state’s labor force participation rate remained at 67.7 percent in December from the previous month, although down from 69.2 percent in December 2020. Nationally, the figure for the last month was 61.9 percent.

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WHO ADDED JOBS

Minnesota’s major industries added workers in December:

  • Education and healthcare up to 1800 employees.
  • Employment in other services increased by 400 jobs.
  • Employers’ information added 300 jobs.
  • Construction firms added 300 jobs.
  • Governments have added 200 jobs.

WHO REDUCED WORK

The following industries cut jobs in December:

  • The professional and business services lost 1,800 workers.
  • Financial activities have cut 900 jobs.
  • Production was reduced by 900 workers.
  • Trade, transport and utilities cut 800 jobs.
  • Leisure and hospitality lost 600 jobs.

The mining and logging industries in Minnesota remained stable in December.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
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