Minnesota unemployment hits record low for 2nd consecutive month
May’s rate is the lowest rate reported since the state started tracking the metric in 1976, according to the Department of Employment and Economic Development. Construction posted the strongest gains.
ST. PAUL — Minnesota’s unemployment rate dropped for the eighth consecutive month and reached another new record low of 2% in May, state officials announced Thursday, June 16.
May’s rate is the lowest rate reported since the state started tracking the metric in 1976, according to the Department of Employment and Economic Development, which said the drop was entirely due to people finding employment. The labor force participation rate rose from 68.3% in April to 68.4% in May.
Minnesota in April reported a record low unemployment rate of 2.5%. The state added 6,600 jobs in May, a gain of two-tenths of a percent from April. Construction had the biggest gains of any sector, adding 4,100 jobs. Leisure and hospitality posted the biggest loss — 4,300 jobs.
National unemployment remained at 3.6% in May, the same as April. The U.S. labor force participation rate grew two-tenths of a percent to 62.3%. The U.S. added 390,000 jobs last month or a gain of three-tenths of a percent.
DEED said despite continued gains the state labor force is still down 75,000 workers from the start of the COVID-19 pandemic. His agency is launching a summer jobs campaign to promote employment opportunities in Minnesota.