Minnesota unemployment rate, labor force participation remain steady in October
ST. PAUL, Minn. — Minnesota's unemployment rate and labor participation force held steady in October.
According to the Department of Employment and Economic Development, unemployment remained at 3.4% and the labor force participation rate also stayed steady at 67.7%. The national unemployment rate also stayed steady at 4.1%.
"Last month, we announced two major business expansions – Sofidel and Solventum – that will retain and add thousands of jobs in the state," said DEED Commissioner Matt Varilek. "On top of those expansions, we also announced the latest round of broadband developmental funding, which enables more businesses across Greater Minnesota to grow and attract talent. These critical developments help address workforce challenges and create an ongoing climate ripe for business expansion, job creation and economic growth."
Sectors like education and health services, leisure and hospitality and manufacturing experienced job growth over the last month. However, professional and business services and construction sectors lost workers in October.
Private sector hourly wage decreased to about $37.76 in October, but the yearly average is up $1.21.
Minnesota is currently among the top states for labor force participation and outpaces the national unemployment rate average by .7%.