Minnesota August unemployment rate remains below 2%; still at historic low

(ABC 6 News) – Minnesota’s unemployment rate ticked up one-tenth of a point to 1.9% in August, although it remains at a historic low, according to numbers released Thursday by the Minnesota Department of Employment and Economic Development (DEED).

On a seasonally adjusted basis, Minnesota lost 3,100 jobs in August, down 0.1% from July, following the addition of 17,100 jobs (revised) in July 2022.

The private sector lost 5,900 jobs in August, down 0.2%, with Government adding 2,800 up 0.7%.

Minnesota’s July 2022 employment was revised downward by 2,000 jobs in total and 2,200 jobs in the private sector. The U.S. gained 315,000 jobs in August, up 0.2% from July, with the private sector adding 308,000 jobs, up 0.2% on a seasonally adjusted basis.

Over the past three months, both Minnesota and U.S. employment have grown 0.5%.

“We saw a pause in our job growth in August, amidst an otherwise record-setting year for Minnesota’s economy,” said DEED Commissioner Steve Grove. “Despite the fluctuations we’ve seen in the global economy, Minnesota’s resiliency remains strong. Our number one focus continues to be on connecting job seekers and businesses during a time of opportunity for Minnesota’s labor market.”

Gains were in Professional & Business Services up 300 jobs or 0.1%, Education & Health Services up 1,900 or 0.3%, Other Services up 200 or 0.2% and Government up 2,800 jobs or 0.7%.

Losses were in Construction, down 1,900 or 1.4%, Manufacturing down 3,200 or 1%, Trade, Transportation & Utilities down 2,300 or 0.4%, Information down 500 or 1.1% and Leisure & Hospitality down 100 or 0%.

Over the year (OTY), Minnesota gained 72,549 payroll jobs, up 2.5%, over the year. The private sector gained 67,085 jobs, up 2.7% over the year. 

To view the August jobs report from DEED, CLICK HERE.