Minnesota unemployment rate increases in July

Minnesota unemployment rate increases in July

MANKATO, Minn. (KEYC) - New data from the Minnesota Department of Employment and Economic Development shows the state lost 1,300 seasonally adjusted jobs in July and the state’s unemployment rate edged up to 3.4%.

That’s just 0.1% higher than in June. For comparison, the U.S. Unemployment rate for July is 3.7%.

July’s seasonally adjusted loss represents the first decline after four continuous months of gains that added 7,000 jobs.

“Even with this slight increase, Minnesota’s unemployment rate remains low and the labor force participation rate remains high,” said DEED Commissioner Steve Grove in a statement. “This continues to suggest that the state’s labor force is at or near capacity – and businesses will continue to find it challenging to hire and retain workers.”

DEED says four major industry sectors gained jobs. Construction gained the most (up 1,600) followed by education and healthcare (up 1,000). Government (up 400) and trade, transportation and utilities (up 200) were the other two sectors experiencing gains. Sectors experiencing loss were leisure and hospitality (down 3,000), other services (down 1,200), information (down 200) and professional and business services (down 100).

All five Metropolitan Statistical Areas experienced growth over the year in July. The St. Cloud MSA had the highest at 1.5%, followed closely by Rochester MSA at 1.4%, Mankato MSA at 1.0%, Minneapolis-St. Paul MSA grew 0.1% and Duluth MSA gained 0.7%.

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