Minnesota’s Jobless Rate Rose Slightly in May
St. Paul, MN (KROC-AM NEWS) - Minnesota saw a slight increase in its unemployment rate in May as the state experienced a net loss of about 200 jobs.
The seasonally adjusted jobless rate was pegged at 3.8 percent, which was up a tenth of a point from April, but was down 3-tenths of a point from May of last year.
The latest jobs report from the Minnesota Department of Employment and Economic Development also shows the largest job gains were found in the trade, transportation and utilities sectors, which added about 6,600 jobs. The largest losses were in the business services sector, which trimmed about 4,400 jobs in May.
Over the past year, Minnesota has seen a net gain of just under 38,400 jobs for a job growth rate of 1.4 percent, which still lags behind the national average of 2.2 percent. Nearly all of the state’s job growth over the past year has occurred in the Twin Cities, where the job growth rate was 1.8 percent.
The year-over-year job growth rate for the Rochester Metropolitan Area was only 6-tenths of a percent with a net gain of fewer than 700 jobs.