According to the Minnesota Department of Employment and Economic Development (DEED), the state’s seasonally adjusted unemployment remained steady at 3.3 percent throughout last month.
DEED releases monthly updates on the state’s economic status. The December 2019 report was released on Thursday, Jan. 23.
The Minnesota rate is closely aligned with national trends. The national seasonally adjusted employment rate for December remained at 3.5 percent.
The practice of using a seasonally adjusted measurement provides economists, policy-makers and citizens the ability to interpret the unemployment data month to month without predictable seasonal factors.
The state’s job growth from December 2018-December 2019 was a 0.1 percent increase, adding 3,978 jobs.
In December 2019, trade, transportation and utility sectors added the most jobs in the state. Services were the next largest job gainer, followed by leisure and hospitality jobs and various agencies.
Education and health services showed the largest decrease in jobs, followed by manufacturing, information, financial activities and construction.
Minnesota’s labor force participation rate held steady at 70.3 percent, compared to the national rate of 63.2 percent. The state’s employment-to-population ratio is at 68 percent. However, Minnesota is experiencing a high job vacancy of 5.3 percent, the highest in the state’s history since 2001.
This high availability of jobs with a large labor force and a low unemployment rate indicate a tight labor market.
“Minnesota remains a national leader in labor force participation rates as more Minnesotans are stepping from the sidelines to employment. However, we continue to experience a tight labor market and slowing job growth,” DEED Commissioner Steve Grove said.
Wilkin County’s non-seasonally adjusted unemployment data show an unemployment rate of 3.5 percent, a 1.3 increase from November. In December, the labor force was at 3,583 with 3,459 people employed and 124 unemployed.
For more information about Minnesota’s economic development, visit http://mn.gov/deed.