October 2024
Released November 19, 2024
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United States Employment Snapshot
In October, among the 50 states and the District of Columbia unemployment fell in 8, rose in 22, and remained unchanged in 21.
The highest unemployment rate was 5.7 percent in District of Columbia and Nevada, and the lowest was 1.9 percent in South Dakota. Nationally, the unemployment rate remained unchanged in October.
In October, payroll jobs rose in 21 states and fell in 30. The largest payroll job percent increase was 0.4 percent in Idaho. The largest payroll job percent decline was 1 percent in Washington.
Minnesota Employment Snapshot
In October, Minnesota lost 1,000 net payroll jobs and the unemployment rate remained unchanged at 3.4 percent. In the prior month, Minnesota added 7,400 net payroll jobs.
Over the past 12 months, Minnesota added 34,600 net payroll jobs and the unemployment rate rose by 0.6 percentage points from 2.8 percent.
Nationally, nonfarm payrolls rose by 12,000 in October, or 0 percent. Minnesota is tied for 30th in the nation for percentage gain in nonfarm payroll employment over the past 12 months.
In October, Minnesota’s private sector lost 300 net private payroll jobs, and over the past 12 months it added 16,200 private payroll jobs. In the prior month, Minnesota added 3,600 net private payroll jobs.
In October, employment in Minnesota rose by 2,750, and over the past 12 months it fell by 19,588.
Minnesota’s labor force participation rate remained steady at 67.7 percent in October and ranks 6th in the nation. In the past 12 months, the labor force participation rate has fallen by 0.4 percentage points.
Minnesota Payroll Employment
Minnesota lost 1,000 net payroll jobs, or 0 percent, on a seasonally adjusted basis during October. In the prior month, Minnesota added 7,400 jobs. Minnesota nonfarm payroll employment has increased in 8 of the past 12 months.
Nationally, nonfarm payrolls rose by 12,000 in October, or 0 percent. Minnesota is tied for 30th in the nation for percentage gain in nonfarm payroll employment over the past 12 months.
Minnesota lost 300 private sector jobs, or 0 percent. on a seasonally adjusted basis during October. In the prior month, Minnesota added 3,600 jobs. Minnesota private sector payroll employment has increased in 8 of the past 12 months.
Nationally, private sector payroll jobs fell by 28,000 jobs in October, or 0 percent. Minnesota is tied for 41st in the nation for percentage gain in private sector payroll employment over the past 12 months.
The best performing sectors on a seasonally adjusted basis during October were Education and Health Services (1,300) and Manufacturing tied with Leisure and Hospitality (1,100).
The poorest performing sectors during the month were Construction (-1,100) and Professional and Business Services (-3,100).
The best performing sectors during the last 12 months were Education and Health Services (33,300) and Government (18,400).
The poorest performing sectors during the last 12 months were Manufacturing (-3,800) and Professional and Business Services (-14,400).
Minnesota Labor Force
The labor force participation rate is the percentage of the civilian noninstitutionalized population age 16 and older who are employed or actively looking for work.
The labor force participation rate in Minnesota remained unchanged at 67.7 percent in October.
Minnesota ranks 6th in the nation.
The 10-year high for the labor force participation rate in Minnesota was 71 percent in July 2020, and the 10-year low was 67.1 percent in April 2020.
The national labor force participation rate fell by 0.1 percentage points to 62.6 percent in October.