Unemployment rate in Minnesota drops to 7.4 percent
The unemployment rate in Minnesota continues to drop after a high rate was reported in May, according to the Minnesota Department of Employment and Economic Development.
According to DEED, the state’s unemployment numbers dropped to 7.4% in August. The national unemployment rate in August was set at 8.4%.
An estimated 40,500 payroll jobs were also added in August, which is up 1.5% from August.
Unemployment saw a high in May, when the rate reached 9.9%. The number has continued to drop through the summer.
"We are continuing to see steady job growth and a decline in unemployment in Minnesota, but it will take some time to replace jobs lost during the pandemic," DEED Commissioner Steve Grove said in a statement. "While job growth in Minnesota was stronger in August than in July, growth continues to be uneven across industries and occupations. People in lower-income occupations continue to be most impacted by job loss."
According to DEED, some Minnesotans have been more affected by unemployment during the pandemic.
State numbers show that on a six-month average, the unemployment rate for Black Minnesotans is 16.3% in August, and the unemployment for Hispanic Minnesotans was at 9.7%. White Minnesotans have an unemployment rate of 6.7% in August, according to DEED.