Private Sector Sees 4,900 Jobs Lost Prior to COVID-19 Crash
Jennifer Lewerenz | Mar 26, 2020 AT 3:46 pm
(KNSI) - Minnesota lost 4,900 private sector jobs and gained 400 government sector jobs in February, prior to significant impacts from COVID-19 on Minnesota employment numbers, according to seasonally adjusted figures released today by the Minnesota Department of Employment and Economic Development.
“It’s important to note that February employment numbers don’t reflect the significant impact on Minnesota employment we’ve seen in the past 10 days due to COVID-19,” said DEED Commissioner Steve Grove.
Minnesota’s unemployment rate dipped down one tenth of a percentage point in February to 3.1% . Similarly, the national unemployment rate ticked down one tenth of a percentage point in February to 3.5%.
Over the year, February 2019 to February 2020, Minnesota added 2,315 payroll jobs while the private sector lost 1,618 and the government sector gained 3,933 jobs. Minnesota’s labor force participation rate dropped one-tenth of a point to 70.2% in February while the employment-to-population ratio held steady at 68.1%.
Seven of the eleven major industry sectors gained jobs during February, three lost jobs and one held steady. Gainers were led by Other Services, up 2,000 jobs, Leisure & Hospitality, up 800 jobs and Manufacturing, up 600 jobs over the month. The largest losses were in Professional & Business Services, down 3,600 jobs, Trade, Transportation and Utilities, down 3,000 jobs and Education & Health Services, down 2,100 jobs.
Because of the lag time between data collection and reporting, and because monthly employment data reflects payroll numbers through mid-month, we won’t expect to see a more complete picture of COVID-19 impacts on monthly employment numbers until the April data release on May 21.