Minnesota Unemployment Rate Remains at National Record Low
St. Paul, MN (KROC-AM News) - Minnesota's seasonally adjusted unemployment rate remained at a record low of 1.8% for a second straight month in July.
The latest jobs report from the Minnesota Department of Employment and Economic Development notes the 1.8% rate is the lowest jobless rate ever reported by any state. It also remains considerably lower than the 3.4% unemployment rate for Minnesota in July of last year.
The state agency also reported that Minnesota experienced a net gain of 19,100 jobs last month. That was up less than a percentage point when compared to June. Since the beginning of this year, Minnesota's employment total has risen 2.3%, while the national average is 1.9%.
Over the past 12 months, Minnesota has added more than 78,500 jobs for a growth rate of 2.7%. The monthly report shows the Rochester area has added nearly 3300 jobs since July of last year for a job growth rate of 2.6%
The state did experience a slight decline in its labor force participation rate. It dropped a 10th of a point from June and now stands at 68.4%. Prior to the pandemic, Minnesota's labor participation rate in recent years has been around 70%. It peaked in the mid to late 90s at just over 75%.
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