Minnesota added 17,000 more jobs in October, the 13th straight month of gains – Twin Cities
Minnesota posted its strongest month of 2022 job gains in October, marking the 13th consecutive positive monthly report, the state Department of Employment and Economic Development said Thursday.
Minnesota gained 17,400 jobs in October, up 0.6% from September on a seasonally adjusted basis. All the gains were in the private sector.
The state’s October unemployment rate rose slightly to 2.1%, from 2% in September. The rate remains historically low.
The national unemployment rate ticked up two-tenths of a point to 3.7% from September to October. The U.S. gained 261,000 jobs in October, up 0.2% from September, with the private sector adding 233,000 jobs, up 0.2% on a seasonally adjusted basis.
The U.S. job market remains healthy as fewer Americans applied for unemployment benefits last week, despite the Federal Reserve’s rapid interest rate hikes this year intended to bring down inflation and tighten the labor market.
Applications for jobless claims for the week ending Nov. 12 fell by 4,000 to 222,000 from 226,000 the previous week, the Labor Department reported Thursday. The four-week moving average rose by 2,000 to 221,000.
The total number of Americans collecting unemployment aid rose by 13,000 to 1.51 million for the week ending Nov. 5. a seven-month high, but still not a concerning level.
“Minnesota had a great month for growth in October — outpacing the country in job growth by half a percentage point,” DEED Commissioner Steve Grove said in a statement announcing Minnesota’s data. “With 13 straight months of job growth on the books, we continue to differentiate ourselves as a hot job market — we just need more workers.”
DEED also reported for October significant gains in employment for Black workers; another all-time low in the number of involuntary part-time workers; and faster wage gains, up 6.1% for the year, though that’s still slower than inflation, which stands at 7.7% since October 2021.