Minnesota hits 14 straight months of job growth
ST. PAUL, Minn. (KTTC) – State is out-pacing national growth while the unemployment rate remains low.
According to Minnesota Department of Employment and Economic Development (DEED), Minnesota gained 6,800 jobs in November, up 0.2% from October on a seasonally adjusted basis.
The private sector gained 3,500 jobs in November, up 0.1%, while Government gained 3,300 jobs over the month. The U.S. gained 263,000 jobs in November, up 0.2% from October.
Minnesota’s unemployment rate inched up two-tenths of a point to 2.3% in November, but remains very low by historical standards. The national unemployment rate remained steady at 3.7% from October to November.
Over the month, Minnesota’s labor force participation rate remained steady at 67.9% (October’s rate was revised down a tenth of a point from 68%) and the national rate went down one-tenth of a point to 62.1%.
“Minnesota’s economy remains strong and has grown faster than most states in 2022,” DEED Commissioner Steve Grove said. “Fourteen straight months of job growth is a good sign as we head into the new year. If you’re looking for good employment with strong wages, Minnesota is a great place to be.”
Comparing Minnesota to the U.S. year-to-date, Minnesota employment has grown 3.2% since January 2022 while the U.S. has grown 2.6%. Over the last three months, September to November, Minnesota has grown 0.8% while the U.S. has grown 0.3%. November is Minnesota’s 14th consecutive month of job growth.
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