Minnesota continues to recover from the economic lows of the COVID-19 pandemic. In November, the state gained 8,600 jobs and the private sector gained 10,200 jobs, according to the Minnesota Department of Employment and Economic Development (DEED).
The state has gained back 73 percent of the 416,300 jobs lost between February-April 2020, and the private sector has regained 77 percent of jobs.
Meanwhile, the state’s unemployment rate fell to 3.3 percent, compared to the national unemployment rate, 4.2 percent, in November. Minnesota saw its labor force participation rate decline slightly, from 67.8 percent to 67.7 percent.
“Combined with significant wage increases, the job market in Minnesota is hot. We’re reaching out every day to assist thousands of Minnesotans in finding meaningful careers that will help advance our economy at this critical point in our pandemic recovery,” DEED Commissioner Steve Grove stated.
Seven supersectors gained jobs in November on a seasonally-adjusted basis:
leisure & hospitality, up 2,900 jobs
professional & business services, up 2,100 jobs
educational & health service, up 1,600
construction, up 1,500 jobs
manufacturing, up 1,500 jobs
other services, up 1,200 jobs
trade, transportation & utilities, up 600 jobs
“Construction employment is near an all-time high for this time of year,” according to DEED.
Four supersectors lost jobs in November on a seasonally-adjusted basis:
government, down 1,600 jobs
information, down 700 jobs
financial activities, down 400 jobs
mining & logging, down 100 jobs
“Four Minnesota supersectors show strength over the year compared to the U.S.: leisure & hospitality, construction, professional & business services and manufacturing. Employment rose over the year in all Minnesota Metropolitan Statistical Areas,” according to a DEED release.
Another significant statistic is the rise in hourly earnings. According to DEED, average hourly earnings for all private sector workers in Minnesota rose $0.42 to $33.79 in November over the month. Over the entire year, average earnings rose $1.73.
Across the U.S., private sector average hourly earnings rose 4.1 percent, however, inflation rose 6.8 percent over the same period.