MN unemployment rate steady at 2.8 percent….
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MN unemployment rate steady at 2.8 percent. Here are industries that are hiring
By Pioneer Press | news@pioneerpress.com
PUBLISHED: December 20, 2018 at 11:36 am | UPDATED: December 20, 2018 at 12:42 pm
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Minnesota's leading development official touted news that the state's unemployment rate remained 2.8 percent in November as good news for the state's economic well being.
The state Department of Employment and Economic Development's monthly report released Thursday noted the seasonally adjusted 2.8 percent rate is nearing an historic low. The all-time low jobless rate for the state is 2.5 percent, which was last recorded in February 1999.
Minnesota's rate remains well below the national rate of 3.7 percent.
"Minnesota's unemployment rate has remained unchanged since September," DEED Commissioner Shawntera Hardy said in a prepared statement. "Maintaining this historically-low unemployment rate is a sign of the state's economic stability."
THERE WERE ACTUALLY FEWER JOBS
Not all the news was positive in the report. In November, Minnesota lost 800 jobs on a seasonally adjusted basis. And the 3,400-job gain from October was revised down to a 2,500-job gain.
Yet while there may have been fewer jobs, there were also fewer jobless. The number of unemployed in November dropped from 86,131 to 85,295, according to the report.
Minnesota's 1.1 percent growth rate the past 12 months (that's 33,460 new jobs) lags the national 1.6 percent rate.
WHO IS HIRING?
Here are the industry sectors that added jobs in November:
Leisure and hospitality employers added 1,500 workers.
Professional and business services, up 1,500 jobs.
Trade, transportation and utilities, added 200.
Financial activities, up 200.
Manufacturers added 100 workers.
WHO CUT JOBS?
Here are the industries that lost jobs in November:
Education and health care employers cut 2,700 jobs.
"Other" services had 1,000 fewer workers.
Government employers had 400 fewer jobs.
Logging and mining was down 100.
Information employers had 100 fewer workers.
Construction employers held steady during the month of November.
MINORITY GAINS
While Minnesota's overall unemployment rate remained steady, there were gains among minority groups.
Among white Minnesotans, the 2.6 unemployment rate in November was the same as in October, but a drop from the 2.9 percent recorded in November 2017.
The black unemployment rate of 5.1 percent was a drop from the 5.4 percent the month before and well below the 8 percent recorded a year ago.
The 4.9 percent Hispanic rate was a drop from the 5.0 percent recorded a month and a year ago.
The black jobless rate is among the lowest it has been since the records began to be kept in 2001. The small sample sizes for the minority rates, the state cautions, make them more susceptible to random measurement error.
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