According to data from the Minnesota Department of Employment and Economic Development (DEED), Minnesota’s unemployment rate stayed at 3.4% in October, and the state’s labor force participation rate remains stagnant at 67.7% for the fourth consecutive month. “’Last month, we announced two major business expansions – Sofidel and Solventum – that will retain and add thousands of jobs in the state,’ said DEED Commissioner Matt Varilek. These critical developments help address workforce challenges and create an ongoing climate ripe for business expansion, job creation and economic growth.”
October 2024 – Employment Rate
Lost Jobs & Industries Affected
- -3,100 Business Services
- -1,100 Construction
- -700 Government
- -300 Trade & Utilities
The U.S. unemployment rate remained steady at 4.1% last month. Similarly, Minnesota’s unemployment rate followed the same trend as the national unemployment rate, remaining stagnant at 3.4% in October. Additionally, Minnesota’s labor force participation rate remained steady at 67.7% for the fourth month in a row and is still one of the highest in the nation.
*Data from US Bureau of Labor Statistics
October 2024 – Open Jobs
Gained Jobs & Industries Affected
- +1,300 Education & Health
- +1,100 Leisure & Hospitality
- +1,100 Manufacturing
- +300 Information
- +300 Other Services
Six of the eleven supersectors in Minnesota added jobs last month, while four faced job loss. “’In general, Minnesota’s labor market held steady in recent months and we saw bigger variations in regional job change,’ said Labor Market Information Director Angelina Nguyen.”
*Data from MN Employment and Economic Development
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