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Minnesota Unemployment Rate and Job Numbers Hold Steady in February

St. Paul - The state’s unemployment rate remained at 2.7% in February, according to numbers released today by the Minnesota Department of Employment and Economic Development (DEED). Nationally, the unemployment rate ticked up two-tenths of a percentage point to 3.9%. Minnesota’s labor force participation rate is at 67.9% while the national labor force participation rate stayed at 62.5%.

From January to February, Minnesota added just over 1,000 people to its labor force and gained 100 jobs. The private sector lost 1,600 jobs, down 0.1%. The U.S. total nonfarm employment and private sector jobs were both up 0.2%.

“Job growth held steady in February, part of a larger trend after the dramatic gains early in the pandemic recession recovery,” said DEED Deputy Commissioner Kevin McKinnon. “There are many job openings in the state and we’re focused on connecting people who need work with openings that match their skills. Job growth only happens when there are workers to fill open jobs. Our Drive for 5 initiative announced earlier this week will help prepare people for open positions in key fields: caring professions, education, manufacturing, technology and the trades.”

Over the month in Minnesota, six supersectors gained jobs on a seasonally adjusted basis, including:

• Government gained 1,700 jobs

• Professional & Business Services gained 1,200 jobs

• Manufacturing gained 800 jobs

Five supersectors lost jobs over the month in Minnesota, with the largest losses in Construction, which lost 3,000 jobs, Trade, Transportation & Utilities, which lost 600 jobs and Financial Activities, which lost 500 jobs.

Over the year, Minnesota gained 37,565 payroll jobs (up 1.3%). The private sector gained 15,274 jobs, up 0.6% over the year. Overall U.S. employment grew 1.8% over the year with the private sector up 1.6%. All national supersectors grew except Information. Six supersectors gained jobs over the year in Minnesota, including Government, which was up 22,291 jobs and Education & Health Services, which gained 19,841 jobs. Five supersectors lost jobs over the year in Minnesota, including Professional & Business Services, which lost 11,643 jobs, and Financial Activities, which lost 4,494 jobs.

Job growth in the Rochester Metropolitan Statistical Area (MSA) remains very strong, with over the year growth of 4,341 jobs or 3.6%. The Minneapolis-St. Paul MSA had the biggest job growth by numbers, up 20,392 jobs or 1.1% over the year.

DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. Visit the DEED website to view state and national employment statistics, monthly jobs numbers and data. You can also find alternative measures of unemployment on the DEED website. In addition, see related articles about job growth and labor market changes in the latest issue of Minnesota Employment Trends. Find out how DEED delivers for Minnesota by visiting the DEED website,  JoinUsMn.com, CareerForceMN.com or follow us on X.

 

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