Minnesota Continues to See Low Unemployment But Slow Job Growth
St. Paul, MN (KROC-AM News) - Minnesota's economy added about 4500 new jobs last month but the seasonally adjusted unemployment rate was steady at 2.8%.
The latest jobs statistics from the Minnesota Department of Employment and Economic Development show the jobless rate was unchanged from March but it was 6-tenths of a percentage point higher than the unemployment rate from April of last year.
Over the past 12 months, Minnesota has seen a net gain of almost 44,000 jobs, which works out to a job growth rate of 1.5%. The national average for the previous year is 2.6%.
The state also saw a slight increase in its labor force participation rate. It edged up a tenth of a point from March to 68.1%. The national labor force participation rate was steady last month at 62.6%. Minnesota's labor force grew by about 3600 workers in April, which raised the total to more than 3 million. That is still nearly 41,000 fewer workers than there were in February 2020 when the labor force participation rate was just under 70%.
The report shows the Rochester metro area saw a net gain of more than 3100 jobs in April. That put the local job growth rate at 2.6%, which is 1.2 percentage points higher than the Twin Cities growth rate, but 2.4 percentage points behind Mankato, where the number of jobs has grown by 4% during the past year.