Minnesota’s jobless rate falls to the lowest in more than 20 years

Minnesota’s unemployment fee dipped final month to the bottom it has been in additional than 20 years, the Minnesota Division of Employment and Financial Growth mentioned this morning.

The state jobless fee ticked down two-tenths of a p.c to 2.7% in February. That is greater than a full proportion level decrease than the U.S. unemployment fee, which was 3.8% final month.

However the Black unemployment fee in Minnesota, primarily based on 12-month shifting common, nonetheless reveals a giant disparity in who’s discovering jobs. It inched up in February and is now greater than double that of the unemployment fee for white Minnesotans.

The state additionally added 5,200 jobs final month, roughly on par with January after the initially reported leap of 10,200 jobs was revised downward to a acquire of 4,800 jobs.

The job positive factors although have been a bit decrease on a proportion foundation in comparison with the U.S. as a complete for the month of February.

The state’s labor pressure participation fee additionally rose three-tenths of a p.c to 67.9%.

“We’re glad to see another significant jump in labor force participation during this tight labor market,” DEED Commissioner Steve Grove mentioned in an announcement. “We remain laser-focused on helping businesses connect with workers, particularly in communities that are often overlooked.”

In February, schooling and well being providers led the best way with the addition of three,800 jobs. That was adopted by 3,100 jobs in commerce, transportation and utilities, 900 jobs in manufacturing, and 100 jobs every in data and authorities.

That was partially offset by a lack of 1,500 jobs in monetary actions, 800 jobs in different providers, and 200 jobs in building.

Leisure and hospitality, one of many hardest-hit sectors throughout the pandemic, noticed no change over the month, as was the case with mining and logging.

The state has now recovered about 71% of the roles it misplaced for the reason that starting of the pandemic. It’s nonetheless 122,334 jobs in need of the place it was in February 2020.

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