DEED: October had strongest job growth of year
Minnesota’s jobs department says last month was the state’s strongest month of job growth for 2022.
The Minnesota Department of Employment and Economic Development said Thursday the state gained 17,400 private sector jobs in October, up 0.6% from September. It also marked the 13th consecutive month of job growth for the state.
For comparison, the U.S. added 261,000 jobs last month, up 0.2% from the prior month.
According to DEED, the state’s unemployment rate ticked up 0.1% last month, moving it to a still-low 2.1%, and the labor force participation rate dropped 0.1% to 68%. The national unemployment rate is at 3.7% after increasing 0.2% last month, and the national labor force participation rate dropped 0.1% to 62.2%.
“Minnesota had a great month for growth in October – out-pacing the country in job growth by half a percentage point,” DEED Commissioner Steve Grove said in a statement. “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.”
While wages grew faster last month and are up 6.1% over the year, they are still lagging behind inflation.