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Unemployment
The unemployment rate rose to 2.8% in Minnesota in May, on a seasonally adjusted basis.
The number of unemployed ticked up to 86,917 workers and the number of employed decreased to 3,013,017 workers. The labor force shrunk to 3,099,934 workers, and the labor force participation rate held at 68% for the third month in a row.
The U.S. unemployment rate increased to 4.0% in May, on a seasonally adjusted basis. The labor force participation rate fell to 62.5%.
Unemployment Rates |
|
May
2024 |
April
2024 |
May
2023 |
Minnesota |
Seasonally Adjusted |
2.8% |
2.7% |
2.9% |
Not Seasonally Adjusted |
2.7% |
2.7% |
2.6% |
United States |
Seasonally Adjusted |
4.0% |
3.9% |
3.7% |
Not Seasonally Adjusted |
3.7% |
3.5% |
3.4% |
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Monthly Employment
Minnesota’s monthly job growth was negative in May as the state lost 8,600 jobs, or -0.3%.
Seven of eleven published supersectors posted positive growth. Construction added 100 jobs, Information added 100 jobs, Financial Activities added 800 jobs, Education and Health Services added 2,800 jobs, Leisure and Hospitality added 900 jobs, Other Services added 200 jobs, and Government added 1,200 jobs.
Four published supersectors posted decreases. Mining and Logging lost 100 jobs, Manufacturing lost 3,700 jobs, Trade, Transportation and Utilities lost 1,600 jobs, and Professional and Business Services lost 9,300 jobs.
U.S. total payroll employment was up in April, adding 272,000 jobs, or 0.2%. Private sector employers added 229,000 jobs (0.2%) on a seasonally adjusted basis. Minnesota outperformed the nation in six supersectors.
Minnesota Payroll Employment - Seasonally Adjusted |
|
May 2024 |
Minnesota |
U.S. |
Number of Jobs
Gained or Lost
over the Month |
Percent
Change |
Percent
Change |
Total Nonfarm Employment |
-8,600 |
-0.3% |
+0.2% |
Total Private |
-9,800 |
-0.4% |
+0.2% |
Mining & Logging |
-100 |
-1.5% |
-0.6% |
Construction |
+100 |
+0.1% |
+0.3% |
Manufacturing |
-3,700 |
-1.1% |
+0.1% |
Trade, Transportation, & Utilities |
-1,600 |
-0.3% |
+0.1% |
Information |
+100 |
+0.2% |
0.0% |
Financial Activities |
+800 |
+0.4% |
+0.1% |
Professional & Business Services |
-9,300 |
-2.5% |
+0.1% |
Education & Health Services |
+2,800 |
+0.5% |
+0.3% |
Leisure & Hospitality |
+900 |
+0.3% |
+0.2% |
Other Services |
+200 |
+0.2% |
+0.1% |
Government |
+1,200 |
+0.3% |
+0.2% |
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Annual Employment
Minnesota over the year (OTY) payroll employment growth stood at 34,950 or 1.2%, lower than April’s 1.6%. The private sector added 12,079 jobs, or 0.5% in May, which was lower than April’s 1% growth.
U.S. total nonfarm over-the-year job growth stood at 1.8% in May, the same as April, and private sector employment growth was at 1.6%, also the same as the previous month.
![Nonfarm Employment Change Nonfarm Employment Change](/deed/assets/May2024_tcm1045-537837.png)
Six of the eleven published supersectors in Minnesota lost jobs over the year. Construction lost 1,234 jobs (0.9%); Manufacturing lost 4,517 jobs (1.4%); Trade, Transportation and Utilities lost 759 jobs (0.1%); Information lost 2,203 jobs (4.9%); Financial Activities lost 4,386 jobs (2.3%); and Professional and Business Services lost 16,308 jobs (4.2%).
Five of eleven published supersectors in Minnesota added jobs over the year. Annual job growth in Minnesota was the highest in Education and Health Services, which added 31,270 jobs (5.6%). Government added 22,871 jobs (5.4%), Other Services added 3,033 jobs (2.7%), Leisure and Hospitality added 7,161 jobs (2.6%), and Mining and Logging added 22 jobs (0.3%).
Five supersectors showed strength over the year in Minnesota compared to the nation. Mining and Logging was up 0.3% (versus -1.1%), Education and Health Services was up 5.6% (vs 4.2%), Leisure and Hospitality was up 2.6% (vs 2.5%), Other Services was up 2.7% (vs 1.7%) and Government was up 5.4% (vs 2.8%).
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