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(KNSI) – The job market is beginning to falter.

The initial estimate for October hiring came in well below projections at 150,000. Analysts had been expecting 180,000 nationwide. The figures for August and September were revised downward by a combined 101,000 jobs, meaning payrolls grew in late summer at a much slower rate than previously believed.

The national unemployment rate ticked higher, up to 3.9%. That is still low by historical standards, but it is now at its worst mark since late 2021, the height of the Omicron variant.

Minnesota’s unemployment figures will be released later this month, but there are some recent indications that the state is feeling the labor slowdown more than other Upper Midwestern states.

Minnesota unemployment insurance filings offer a real-time look at the labor market. They are up over 20% so far in 2023 compared to last year. Officials had said that changes to how school support personnel are counted played a big role in a spike in late May and early June, but the latest numbers haven’t improved.

Information from the United States Bureau of Labor Statistics released Thursday shows state unemployment claims for the week ending October 21st were 19.7% above the same week last year. Another concerning trend arises when you adjust for population size.

Approximately 128 Minnesotans per 100,000 have filed a claim this year. South Dakota is 32, North Dakota sits at 81 and Wisconsin checks in at 115. All are at least 10% lower than Minnesota. Iowa is the only neighboring state with more per capita.

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