Minnesota gained 17K jobs in October; strongest monthly job growth of 2022
(ABC 6 News) – Minnesota gained 17,400 jobs in October, up 0.6% from September on a seasonally adjusted basis, according to numbers released Thursday by the Minnesota Department of Employment and Economic Development (DEED).
DEED says all of the job growth came in Minnesota’s private sector. It is the 13th consecutive month of job gains in Minnesota. Meanwhile, the U.S. gained 261,000 jobs in October, up 0.2% from September, with the private sector adding 233,000 jobs, up 0.2% on a seasonally adjusted basis.
Minnesota’s unemployment rate remains historically low at 2.1%, up one-tenth of a point from September. The national unemployment rate ticked up two-tenths of a point to 3.7% from September to October. Over the month, Minnesota’s labor force participation rate inched down one-tenth of point to 68%; the national rate also went down one-tenth of a point to 62.2%.
“Minnesota had a great month for growth in October – out-pacing the country in job growth by half a percentage point,” said DEED Commissioner Steve Grove. “With 13 straight months of job growth on the books, we continue to differentiate ourselves as a hot job market – we just need more workers.”
Governor Tim Walz reacted to the job report by saying, “with historically low unemployment and job growth that is outpacing the nation, Minnesota’s economy is strong. By supporting our small businesses and investing in our people, Minnesota will continue to lead the nation in economic expansion.”
To view the full October jobs report from DEED, CLICK HERE.