According to data from the Minnesota Department of Employment and Economic Development (DEED), there was minimal change in the state’s unemployment rate over the past month, and the state’s labor force participation rate remains stagnant at 67.7%. “‘This was another strong month for Minnesota’s jobs market,” said DEED Commissioner Matt Varilek. “‘With ongoing job growth, low unemployment, wages outpacing inflation and high labor force participation, plus surging exports and record business expansions, the Minnesota economy is robust entering the final quarter of the year.’”
September 2024 – Unemployment Rate
Lost Jobs & Industries Affected:
- -700 Financial Activities
- -600 Information
- -600 Other Services
- -500 Manufacturing
The U.S. unemployment rate dropped by one-tenth of a percentage, reaching 4.1% last month. While Minnesota’s unemployment rate followed the opposite trend as the national unemployment rate, increasing by one-tenth of a percentage to 3.4% in September. Additionally, Minnesota’s labor force participation rate remained steady at 67.7% for the third month in a row, and is still one of the highest in the nation.
*Data from US Bureau of Labor Statistics
September 2024 – Open Jobs
Gained Jobs & Industries Affected:
- +3,600 Government
- +2,300 Business Services
- +1,600 Education & Health
- +1,200 Trade & Utilities
Four of the eleven supersectors in Minnesota added jobs last month, four faced job loss, and three experienced no change. “To grow jobs and Minnesota’s economy, DEED is focused on high-growth sectors and highlighting untapped pools of workers to join the labor force” (DEED).
*Data from MN Employment and Economic Development
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