Minnesota jobless rate hit 17-year low in October, 3.3 percent

Minnesota's unemployment rate fell to a seasonally adjusted 3.3 percent in October, the best monthly performance for the state in 17 years and significantly better than the nation's 4.1 percent rate.

The measure is an estimate and could be a statistical blip. But state labor market economist Steve Hine said he doesn't think that's the case and suspects the drop reflects steady employment gains.

"My guess is that we're finally starting to see the improvement in our unemployment picture that our jobs numbers had been reflecting all along," he said.

The lower rate came as state employers eliminated 4,500 jobs on a seasonally adjusted basis in October, the Minnesota Department of Employment and Economic Development said in a statement, adding that over the past 12 months, Minnesota has gained 41,372 jobs, a 1.4 percent growth rate, matching the U.S. rate of job growth during that period.

Minnesota has gained nearly 300,000 jobs since January 2011.

Education and health services gained the most jobs over the past year, up 13,380, followed by leisure and hospitality (6,776) and construction (4,893), the agency said. Financial activities (down 1,215) and information (down 904) lost jobs in the past 12 months.