MN job report: State sees slight decline in July after three months of job growth
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ST. PAUL, Minn. (FOX 9) - Minnesota's latest job report shows a slight decline in jobs over the month of July, while the state added an overall increase of about 44,000 jobs in the past year, outpacing the nation's average job growth.
Minnesota reports job loss in July
By the numbers:
Minnesota added 44,092 jobs over the year, a 1.5% increase compared to the national growth rate of just 0.2%. The state's private sector also grew 1.5% over the year, well ahead of the national private sector growth rate of 0.5%.
Minnesota's unemployment rate dropped one-tenth of a percentage point to 4.3% in July, while the U.S. unemployment rate also fell one-tenth of a point to 4.1%. Over the month of July, Minnesota saw a slight dip in jobs — down 0.1%, or 1,900 non-farm jobs on a seasonally adjusted basis. Minnesota's private sector lost 800 jobs over the month, effectively remaining flat. Nationally, non-farm employment decreased by 23,000 jobs, also essentially flat, while the U.S. private sector added 30,000 jobs.
Minnesota's labor force saw a decrease of 4,013 people over the month, a rate of 0.1%. Nationally, the labor force decreased by 264,000 people. The state's labor force participation rate ticked down one-tenth of a percentage point to 66.9%, while the national rate also declined to 61.4%. Minnesota still ranks among the highest in the country for labor force participation.
What they're saying:
Minnesota Department of Employment and Economic Development (DEED) Commissioner Matt Varilek shared the following statement:
"Despite a number of headwinds, Minnesota employers have added more than 44,000 jobs over the year, with growth across a broad range of industries. While monthly numbers can fluctuate, Minnesota’s strong year-over-year growth shows the resilience of our diverse economy. We remain focused on connecting Minnesotans with good jobs and helping employers find the workers they need to grow."
DEED Labor Market Information Director Angelina Nguyen echoed those sentiments, saying, "The July numbers show some cooling over the month, but the longer-term picture remains considerably stronger. Minnesota’s 1.5% over-the-year growth significantly outpaced the national rate, with eight of 11 major industry sectors adding jobs. At the same time, continued declines in labor force participation and wages are indicators we will continue watching closely."
The Source: This story uses information shared by the Minnesota Department of Employment and Economic Development.