ST. PAUL, Minn. (KEYC) — Minnesota’s unemployment rate significantly dropped in October, down to 4.6% from 5.9% in September.
The Minnesota Department of Employment and Economic Development says the drop was due to the second consecutive monthly decrease in the state’s labor force participation rate, which declined to 67.4% in October from a revised 68.5% in September.
Gains were led by the trade, transportation and utilities sector, which was up 4,600 jobs. Retail trade lost 200 jobs in October, the first job loss in the sector since April.
The Mankato Metropolitan Statistical Area saw the smallest loss in year-over-year job growth, which was down 3,144 jobs from this time last year.