Minnesota’s August Unemployment Rate Drops Slightly; St. Cloud Faring Slightly Better

(KNSI) — According to numbers released today by the Minnesota Department of Employment and Economic Development, Minnesota’s unemployment rate improved slightly and dropped one-tenth of a percentage point to 3.8% in August due to people moving out of unemployment and into employment.

Locally, for July 2021, which is the most recent data available, shows a 3.7% unemployment rate in the St. Cloud Metropolitan Statistical Area. That is a full point drop from June’s 4.7%. This time last year, the unemployment rate in the St. Cloud MSA was 6.1%. DEED says the non-seasonally adjusted employment rate for the area saw 2,155 jobs added for a 2.1% year-over-year employment change.

Minnesota gained 4,300 jobs, up 0.2%, in August on a seasonally adjusted basis. The private sector gained 6,200 jobs, up 0.3%. The U.S. gained 235,000 jobs, up 0.2% over the month in August, with the private sector up 243,000 jobs or 0.2%.

Minnesota job gains in July were revised upward by 2,600 jobs in total employment and 3,100 in the private sector. This brings total employment from a gain of 0.5% to 0.6% and private sector employment from a gain of 0.4% to 0.5% in July. Accommodations & Food Services saw the largest revision, up an additional 1,200 jobs in July.

Minnesota’s labor force participation rate held steady at 67.8% in August. Nationally, the unemployment rate fell two-tenths of a percentage point to 5.2%, and the labor force participation rate held steady at 61.7%.

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