Minnesota lost 1,700 jobs in October — but unemployment rate dropped to 3.7%

Minnesota lost 1,700 jobs in October, but still the state’s unemployment rate fell a tick to 3.7 percent.

The U.S. unemployment rate is 5 percent.

Today’s jobs report from the state Department of Employment and Economic Development indicates the anomaly may be due to retiring boomers.

DEED Commissioner Katie Clark Sieben said: “The October figures suggest that tightening labor markets are beginning to constrain employment growth in Minnesota. With more baby boomers retiring and leaving the workforce, we are seeing real impacts of the slowing labor growth.”

There were growing and fading sectors in October.

Gaining jobs were:

  • Other services (up 2,200)
  • Professional and business services (up 1,300)
  • Government (up 500)
  • Manufacturing (up 400)
  • Education and health services (up 400)

Losing jobs were:

  • Leisure and hospitality (down 2,300)
  • Construction (down 2,200)
  • Trade, transportation and utilities (down 800)
  • Financial activities (down 500)
  • Information (down 400)
  • Logging and mining (down 300)

Over the past year, officials say the state has added 23,929 jobs, a growth rate of 0.8 percent. The U.S. growth rate during that period was 1.9 percent.

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