Minnesota February Unemployment Rate Ticks Up

(KNSI) — Minnesota’s unemployment rate rose one-tenth of a percentage point to 4.5% in February, according to new data from the Minnesota Department of Employment and Economic Development. The national unemployment rate also rose one-tenth of a point, to 4.4%.

The state lost 6,100 payroll jobs over the month, with the private sector accounting for nearly all of those losses, or 5,900 jobs, down 0.2%.

Trade, transportation, and utilities led job losses with 3,300 positions cut, followed by 2,000 cuts in leisure and hospitality, 1,700 losses each in construction and other services and 1,300 in manufacturing. Education and health services were the month’s bright spot, adding 4,100 jobs.

Minnesota’s labor force participation rate dropped three-tenths of a point to 67.9%, but is well above the national rate of 62.0%.

Despite the monthly decline, Minnesota gained 6,974 payroll jobs over the past 12 months, outpacing national employment growth. U.S. employment declined 0.4% over the same period.

DEED Commissioner Matt Varilek said the state’s diverse economy “remains resilient,” with Minnesota job growth still outpacing the nation over the last year. The average work week for employed Minnesotans increased one hour in February to 33 hours per week.

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