Minnesota unemployment rate is decreasing

MGN

MINNEAPOLIS (WCCO/CBS) — Minnesota gained 1,100 jobs in August while the state’s unemployment rate decreased slightly to 3.3% in the same period, according to new figures from the Minnesota Department of Employment and Economic Development.

DEED says the seasonally adjusted unemployment rate decreased one-tenth percent to the 3.3% figure – ending a nine-month stretch where the rate increased from 2.8% last October to 3.4% in July.

According to DEED, annual gains fell to 11,812 jobs or 0.4% in August. Meanwhile, Minnesota’s labor force participation rate increased slightly to 70.1%.

“Minnesota employers continue to add jobs, and Minnesota workers continue to participate in the labor market at high levels,” said DEED Commissioner Steve Grove. “Even with a slight drop in the unemployment rate, the lack of available workers in Minnesota continues to pose challenges for employers.”

DEED says three major industry sectors gained jobs: Leisure and Hospitality, followed by Financial Activities and Construction.

The U.S. unemployment rate remained at 3.7% in August.