Cooler but still well above normal this week

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The state announced on Thursday that Minnesota’s unemployment rate for July was slightly higher at 3.4 percent. The Department of Employment and Economic Development also said the state lost 1,300 seasonally adjusted jobs last month.

That brings an end to a four month string of gains that added 7,000 jobs. 

Meanwhile, Minnesota’s labor force participation rate held at 70 percent.

“Even with this slight increase, Minnesota’s unemployment rate remains low and the labor force participation rate remains high,” said DEED Commissioner Steve Grove. “This continues to suggest that the state’s labor force is at or near capacity – and businesses will continue to find it challenging to hire and retain workers.”

Sectors that saw job losses included leisure and hospitality and professional and business services. However, several major industries saw growth, including construction, education and healthcare.

The national unemployment rate is 3.7 percent.

Minnesota News

Business and Economic News

Mike Moen

Author

State economic officials say the July unemployment rate edged up to 3.4 percent. However, the rate for labor participation remained steady, suggesting that businesses are still on the lookout for employees.

Minnesota's jobless rate inches up

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