Minnesota’s Economy Lost 12,500 Jobs in October
St. Paul, MN (KROC-AM News) - Minnesota’s economy shed an estimated 12,500 jobs last month, but the state’s seasonally adjusted unemployment rate remained steady at 4-percent. The jobless rate has not changed since August, but it was nearly a half point higher than it was in October of last year.
Over the past 12 months, Minnesota has seen a net gain of nearly 31,400 jobs, which works out to a job growth rate of only 1.1-percent. The national job growth rate in October was 1.6-percent.
The Rochester area experienced the strongest job growth rate in the state when compared to the other major cities in Minnesota. The local economy has added about 3100 jobs over the past year for a growth rate of 2.6-percent. The St. Cloud area had a job growth rate of 1.8-percent, while the Twin Cities’ job growth rate for the past year is 1.4-percent.
The financial and government sectors of the economy were the only sectors that saw job gains last month. The leisure and hospitality sector lost almost 4000 jobs, while trade transportation and utilities shed 2500 positions and the professional and business services sector saw employment dip by 2400 positions.