The Minnesota unemployment rate fell .1 percent in October to a seasonally adjusted 3.7 percent, according to the Minnesota Department of Employment and Economic Development (DEED).
For the month the state lost a total of 1,700 jobs, maintaining its slow growth rate of .8 percent for the year. The U.S growth rate for the year is 1.9 percent.
“The October figures suggest that tightening labor markets are beginning to constrain employment growth in Minnesota,” said DEED Commissioner Katie Clark Sieben. “With more baby boomers retiring and leaving the workforce, we are seeing real impacts of the slowing labor growth.”
The Construction sector lost 2,200 jobs in October and is down nearly 4,000 jobs for the year. Education and health services has seen the biggest gains this year, adding 11,433 jobs.
In the Metropolitan Statistical Areas, the following regions gained jobs in the past 12 months: Minneapolis-St. Paul MSA (up 1.8 percent) and Duluth-Superior MSA (up 0.4 percent). Three regions lost jobs: Mankato MSA (down 1.7 percent), St. Cloud MSA (down 0.6 percent) and Rochester MSA (down 0.1 percent).