MN unemployment rate lowest since July 2000
Minnesota's unemployment rate fell to 3.1 percent in November, the lowest it has been since 2000.
The Minnesota Department of Employment and Economic Development announced that while employers eliminated 4,000 jobs this past month, the state's seasonally-adjusted jobless rate fell from 3.4 percent in October to 3.1 percent. The national unemployment rate remained at 4.1 percent.
"The overall number of unemployed Minnesotans fell below 100,000 last month for the first time since March 2001," said DEED Commissioner Shawntera Hardy. "While the state lost jobs in November, Minnesotans are continuing to find work in an improving economy."
The monthly report notes while Minnesota's economy "is running very close to its full potential," when employment figures are broken down by racial groups show "there is still room for improvement in the employment situation in the state." The jobless rates for Minnesota blacks is more than double the state's overall rate.
There were 2,949,100 jobs in Minnesota in November, a 4,000 decrease from October but a 34,566 increase from November 2016.
The 3.1 percent unemployment rate is the lowest since July 2000, during the last full year of the Bill Clinton administration.
Who was hiring
Among those industries adding jobs in November were:
• Trade, transportation and utilities added 2,300 jobs.
• Construction firms added 1,800 jobs.
• Professional and business services added 1,800.
• Financial activities jobs increased by 500.
• Education and health services employers added 500 jobs.
• Logging and mining jobs increased by 100.
Where jobs were lost
Those industries not faring as well were:
• Leisure and hospitality employers cut 7,500 jobs.
• Manufacturers cut 700 jobs.
• Information sector jobs decreased by 700.
• Governments cut 600 jobs.
• Other services employers were down 1,500 jobs.
Minnesota blacks and Hispanics experienced higher jobless rates than their white peers, according to the state report, which notes the smaller sample sizes mThe unemployment rate for blacks remained at 8 percent in November, the same as the month before. It is an improvement, though, from November 2016 when the rate stood at 8.3 percent.
The jobless rate for Hispanics was 5 percent in November, an improvement from the 5.1 percent in October and the 6 percent recorded a year ago.
Minnesota's jobless rate among whites fell to 2.9 percent from 3 percent the month before. The rate is the same, though, as November 2016.