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State gains 10,300 jobs in May: Unemployment rate falls to 4.6 percent

Fri, Jun 20th, 2014
Posted in All State of Minnesota

ST. PAUL – Minnesota employers added 10,300 jobs in May, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED).

The agency said the state has added 45,617 jobs in the past year, a growth rate of 1.6 percent, compared with a U.S. growth rate of 1.8 percent during that period. Since January 2011, the state has gained 154,300 jobs.

The state’s seasonally adjusted unemployment rate dropped to 4.6 percent. The U.S. unemployment rate in May was 6.3 percent.

“Minnesota’s unemployment rate is at the lowest level in seven years, which is yet another indicator of our improving economy,” said DEED Commissioner Katie Clark Sieben. “It is also encouraging to see growth occurring in Minnesota’s construction and manufacturing sectors, which have each added more than 9,000 jobs in the past year.”

Professional and business services led all sectors in May, adding 4,100 jobs. That was followed by construction (up 3,800), manufacturing (up 2,900), information (up 900), other services (up 500), and trade, transportation and utilities (up 100). Logging and mining was unchanged.

The following sectors lost jobs: government (down 1,300), leisure and hospitality (down 500), financial activities (down 100), and education and health services (down 100).

Over the past year, construction added the most jobs and grew at the fastest pace of any industry in the state. The sector added 9,447 jobs in the last 12 months, a 9.2 percent growth rate, compared with a 3.3 percent growth rate in the U.S. construction industry.

Other sectors that grew in the past year were manufacturing (up 9,404), education and health services (up 8,917), professional and business services (up 8,677), leisure and hospitality (up 5,736), government (up 2,158), trade, transportation and utilities (up 1,600), other services (up 541), information (up 462), and logging and mining (up 261).

Financial activities (down 1,586) is the only sector that lost jobs in the past year.

In the Metropolitan Statistical Areas, the following regions gained jobs in the past 12 months: St. Cloud MSA (up 3.9 percent), Mankato MSA (up 2 percent), Minneapolis-St. Paul MSA (up 1.6 percent), Rochester MSA (up 0.4 percent) and Duluth-Superior MSA (up 0.1 percent).

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 our services, visit us at http://mn.gov/deed/ . Follow us on Twitter at twitter.com/mndeed .

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