MN Unemployment Rate Up Slightly in August, but Remains at Historic Low

Minnesota’s unemployment rate ticked up one tenth of a point to 1.9% in August, although it remains at a historic low, according to numbers released Thursday by the Minnesota Department of Employment and Economic Development.  Minnesota’s labor force participation rate ticked down two tenths of a point to 68.2%.  In August, the U.S. unemployment rate rose by two tenths of a point to 3.7% and the labor force participation rate increased by three tenths of a point to 62.4%.

On a seasonally adjusted basis, Minnesota lost 3,100 jobs in August, down 0.1% form July, following the addition of 17,100 jobs in July.  The private sector lost 5,900 jobs in August, down 0.2%, with Government adding 2,800, up 0.7%.

Job growth has been less consistent than usual coming out of the pandemic recession, however the trend toward growth has remained strong.  Over the past three months, both Minnesota and U.S employment have grown .5%.