Minnesota’s seasonally adjusted unemployment rate continues to move lower, falling to 7.4 percent in August, according to numbers released recently by the Minnesota Department of Employment and Economic Development (DEED).
Minnesota added a seasonally adjusted 40,500 payroll jobs in August, up 1.5 percent from July.
The U.S. gained 1.371 million payroll jobs in August, up 1 percent from July.
The national unemployment rate is at 8.4 percent for August.
Minnesota unemployment has dropped steadily since reaching a high of 9.9 percent in May, which was the month with the highest pandemic-related unemployment.
In June, Minnesota’s unemployment rate was 8.6 percent, and in July it was 7.6 percent.
Over the month, seasonally adjusted gains in Minnesota were led by government, up 11,000 jobs due to federal census hiring and local government, followed by leisure and hospitality, up 7,800 jobs or 4 percent entirely in accommodations and food services, education and health services, up 7,100 jobs or 1.4 percent with gains in both component sectors and manufacturing, up 5,200 jobs or 1.7 percent with gains in both durable and nondurable goods.
One super sector, financial activities, lost jobs on a seasonally adjusted basis in August from July, down 100 jobs – or 0.1 percent.
Over the year in August, Minnesota shed 219,268 payroll jobs, down 7.3 percent, while the private sector shed 196,363 jobs, down 7.5 percent. U.S. over the year job loss stood at 7 percent with the private sector down 7.5 percent.
The number of unemployed workers in Minnesota stood at 231,599 in August, down 4,948 from July and down 71,367 since May, when the number peaked at 302,966. The number of employed people rose 24,766 in August and 114,545 since its trough in May.
Minnesota’s labor force participation rate increased to 69.8 percent in August from 69.2 percent in July, closing in on 70.2 percent where it stood in February. The national labor force participation rate is 61.7 percent in August.
For more about DEED visit its Web site at www.mn.gov/deed/.