Minnesota’s Jobless Rate Falls to 3.5%
St. Paul, MN (KROC-AM News) - Minnesota’s seasonally adjusted unemployment rate hit a nearly 15 year low last month. State officials say the jobless rate for November was down two-tenths of a point from October at 3.5-percent, which is the lowest it has been since March 2001.
The latest figures from the Department of Employment and Economic Development show Minnesota’s economy posted a net gain of about 7,200 jobs last month. In addition, the data from October was revised to show a net gain of 200 jobs instead of the loss of 1700 jobs.
Over the past year, Minnesota has added a little over 32,000 positions for a job growth rate of 1.1-percent. While the state’s jobless rate was 1.5 percentage points below the national rate, Minnesota’s job growth rate continues to lag behind the national average of 1.9-percent.
“The state unemployment rate is now at its lowest level since March 2001,” said DEED Commissioner Katie Clark Sieben. “While the labor market is tightening, healthy job growth in November and recent wage gains are positive signs of an expanding economy.”
Over the past 12-months, the employment in the Rochester area has been nearly steady with a net gain of only about 100 jobs. Once again, the data shows almost all of the state’s job growth has been in the Twin Cities, which has added over 30,600 jobs.