Unemployment rate falls to 3.7 percent in May

Minnesota’s unemployment rate fell to 3.7 percent in May, matching a post-recession low point last seen in June 2015, according to seasonally adjusted figures released today by the Minnesota Department of Employment and Economic Development (DEED). The U.S. unemployment rate in May was 4.3 percent.

Minnesota employers eliminated 7,200 jobs in May, after adding 28,200 jobs in the previous three months. Over the past year, the state has added 48,068 jobs, a gain of 1.7 percent. Jobs nationally are up 1.5 percent over the past year.

“Minnesota is outpacing the nation in job growth, with all 11 major industrial sectors seeing gains over the past year,” said DEED  Commissioner Shawntera Hardy. “These and other indicators point to continued strength in the state labor market.”

Other services led all sectors last month with 2,100 new jobs, following by manufacturing (up 800) and logging and mining (up 100). Leisure and hospitality held steady.

The following industries lost jobs in May: government (down 2,600), construction (down 2,600), professional and business services (down 2,100), trade, transportation and utilities (down 1,900), financial activities (down 500), information (down 400) and education and health services (down 100).

Education and health services led all sectors over the past year with 20,225 new jobs. Other gains were posted by professional and business services (up 6,200), other services (up 4,992), construction (up 4,375), government (up 2,841), manufacturing (up 2,776), trade, transportation and utilities (up 2,246), financial activities (up 1,700), leisure and hospitality (up 1,420), information (up 741) and logging and mining (up 552).

In the Metropolitan Statistical Areas, the following regions gained jobs in the past 12 months: Minneapolis-St. Paul MSA (up 2 percent), Rochester MSA (up 1.1 percent), St. Cloud MSA (up 2.1 percent), Duluth-Superior MSA (up 1.1 percent) and Mankato MSA (up 0.8 percent).

DEED has added a section to its website that examines the unemployment rate by demographics (race, age and gender) and looks at alternative measures of unemployment.

DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and its services, visit the DEED website or follow DEED on Twitter.