ST PAUL, Minn. — Minnesota’s unemployment rate inched down to 2.8% from February to March, while labor force participation rate stayed steady at 68.0%, according to new data from the Minnesota Department of Employment and Economic Development (DEED).
The numbers indicate that 5,700 jobs were lost statewide, down 0.2%, from February to March on a seasonally adjusted basis. The private sector lost 6,100 jobs but government jobs grew by 400 over the month, offsetting some of the losses.
"A decline in the unemployment rate is good news for Minnesota," said DEED Temporary Commissioner Kevin McKinnon. “While a decline in the number of jobs and no change in the labor force participation rate may seem like a bit of a disconnect, the data trends will even out over time.”
DEED says five supersectors in Minnesota lost jobs on a seasonally adjusted basis:
- Construction lost 1,900 jobs, or 1.4%
- Manufacturing lost 1,300 jobs, 0.4%
- Trade, Transportation, and Utilities lost 2,300 jobs, 0.4%
- Professional & Business Services lost 1,200 jobs, 0.3%
- Other Services lost 700 jobs, 0.7%
Data shows three supersectors saw positive growth over the month:
- Educational and Health Services gained 600 jobs, 0.1%
- Leisure and Hospitality gained 700 jobs, 0.3%
- Government gained 400 jobs, 0.1%
Mining and logging, information, and financial activities were the areas where job numbers remained static.
As far as worker pay, Minnesota slipped a bit in March but overall is seeing wages increase significantly. Hourly wages for all private sector workers fell 15 cents to $35.16 in March 2023, but for the year average hourly earnings jumped $1.52 – up 4.5%. Since March 2020 they are up 11.4%.
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