State Unemployment Rate Drops to 2.9 Percent
Monday, November 12, 2018
Jobless rate below 3 percent for first time in nearly 19 years
ST. PAUL – Minnesota’s seasonally adjusted unemployment rate fell to 2.9 percent in August, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED).
The last time Minnesota’s unemployment rate was below 3 percent was December 1999. The state’s record-low unemployment rate was a seasonally adjusted 2.5 percent in both January and February 1999. The U.S. unemployment rate last month was 3.9 percent.
Minnesota employers eliminated 200 jobs in August after three consecutive months of strong job growth. Over the past year, the state has added 50,904 jobs, a 1.7 percent growth rate. U.S. jobs are up 1.8 percent in the past year.