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Minnesota jobless rate slips to 3.7 percent in October; 1,700 jobs lost

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Job fair
Job fair
Spencer Platt | Getty Images 2012

Minnesota's unemployment rate slipped to a seasonally adjusted 3.7 percent in October, although the state lost jobs in the month, state officials said Thursday.

While the state's 3.7 percent rate is far below the 5 percent national unemployment rate for October, Minnesota's job growth the past year continues to lag the nation, the Minnesota Department of Employment and Economic Development said in a statement

Minnesota has added 23,929 jobs in the past year for a growth rate of 0.8 percent compared to a 1.9 percent national rate.

"The October figures suggest that tightening labor markets are beginning to constrain employment growth in Minnesota," said DEED Commissioner Katie Clark Sieben said in the statement. "With more baby boomers retiring and leaving the workforce, we are seeing real impacts of the slowing labor growth." 

The state lost 1,700 jobs in October, while September's figures were revised from 5,700 jobs lost to 6,900 jobs lost.