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Unemployment
The unemployment rate held at 2.7% in Minnesota in March, on a seasonally adjusted basis, for the third consecutive month.
The labor force grew to 3,097,736 workers, and the labor force participation rate increased to 68%. The number of unemployed ticked down to 84,205 workers and the number of employed increased to 3,013,531 workers.
The U.S. unemployment rate fell to 3.8% in March, on a seasonally adjusted basis. The labor force participation rate increased to 62.7%.
Unemployment Rates |
|
March
2024 |
February
2024 |
March
2023 |
Minnesota |
Seasonally Adjusted |
2.7% |
2.7% |
2.8% |
Not Seasonally Adjusted |
3.2% |
3.6% |
3.3% |
United States |
Seasonally Adjusted |
3.8% |
3.9% |
3.5% |
Not Seasonally Adjusted |
3.9% |
4.2% |
3.6% |
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Monthly Employment
Minnesota’s monthly job growth was positive in March as the state added 11,000 jobs, or 0.4%.
Five of eleven published supersectors posted positive growth. Construction added 2,700 jobs, Education and Health Services added 2,800 jobs, Leisure and Hospitality added 5,000 jobs, Other Services added 500 jobs, and Government added 3,000 jobs.
Five published supersectors posted decreases. Manufacturing lost 500 jobs; Trade, Transportation and Utilities lost 200 jobs; Information lost 700 jobs; Financial Activities lost 900 jobs and Professional and Business Services lost 700 jobs.
Employment in Mining and Logging was flat.
U.S. total payroll employment was up in January, adding 303,000 jobs, or 0.2%. Private sector employers added 232,000 jobs (0.2%) on a seasonally adjusted basis. Minnesota outperformed the nation in five supersectors and in total employment.
Minnesota Payroll Employment - Seasonally Adjusted |
|
March 2024 |
Minnesota |
U.S. |
Number of Jobs
Gained or Lost
over the Month |
Percent
Change |
Percent
Change |
Total Nonfarm Employment |
+11,000 |
+0.4% |
+0.2% |
Total Private |
+8,000 |
+0.3% |
+0.2% |
Mining & Logging |
0 |
0.0% |
+0.5% |
Construction |
+2,700 |
+2.1% |
+0.3% |
Manufacturing |
-500 |
-0.2% |
0.0% |
Trade, Transportation, & Utilities |
-200 |
-0.0% |
+0.1% |
Information |
-700 |
-1.6% |
0.0% |
Financial Activities |
-900 |
-0.5% |
0.0% |
Professional & Business Services |
-700 |
-0.2% |
0.0% |
Education & Health Services |
+2,800 |
+0.5% |
+0.3% |
Leisure & Hospitality |
+5,000 |
+1.9% |
+0.3% |
Other Services |
+500 |
+0.4% |
+0.3% |
Government |
+3,000 |
+0.7% |
+0.3% |
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Annual Employment
Minnesota over the year (OTY) payroll employment growth stood at 47,508 or 1.6%, up from February’s 1.3% growth. The private sector added 23,161 jobs, or 0.9% in March, which was higher than February’s 0.6% growth.
U.S. total nonfarm over-the-year job growth stood at 1.9% in March, better than February’s 1.8%, and private sector employment growth was at 1.7%, better than the previous month’s 1.6%.
Six of eleven published supersectors in Minnesota added jobs over the year. Construction lost 366 jobs (0.3%), Manufacturing lost 3,195 jobs (1%), Information lost 2,198 jobs (4.9%) Financial Activities lost 5,579 jobs (2.9%), and Professional and Business Services lost 13,900 jobs (3.6%).
Annual job growth in Minnesota was the highest in Mining and Logging, which added 557 jobs (9.4%). Trade, Transportation and Utilities added 8,153 jobs (1.6%). Education and Health Services added 24,552 jobs (4.4%), Leisure and Hospitality was up 10,990 jobs (4.4%), Other Services was up 4,147 jobs (3.7%) and Government was up 24,347 jobs (5.8%).
Six supersectors showed strength over the year in Minnesota compared to the nation. Mining and Logging was up 9.4% (versus 1.8%); Trade, Transportation and Utilities was up 1.6% (versus 0.5%); Education and Health Services was up 4.4% (versus 4.3%); Leisure and Hospitality was up 4.4% (versus 2.8%); Other Services was up 3.7% (versus 1.9%) and Government was up 5.8% (versus 3%).
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