The state is reporting lower rates of unemployment, but that is mostly due to workers leaving the labor force. | Stock Photo
The state is reporting lower rates of unemployment, but that is mostly due to workers leaving the labor force. | Stock Photo
Minnesota’s seasonally adjusted unemployment rate fell to 4.6% for the month of October from 5.9% in September, according to the Minnesota Department of Employment and Economic Development.
The decline was due to a second consecutive significant monthly drop in the state’s work force participation. The labor force participation rate dropped to 67.4% in October from 68.5% in September. The state’s labor force participation rate was 70.2% back in February 2020, before the outbreak of the pandemic.
“COVID has brought unprecedented challenges to Minnesotans and our businesses. Just yesterday we had to take action to slow the slow the spread of the virus because the health and well-being of Minnesotans and our state’s economy depend on it,” said DEED Commissioner Steve Grove. “Despite these challenges, companies in many fields are hiring. DEED will continue to help job seekers in their career journey, and our CareerForce job counselors are available right now to help job seekers look for work.”
On average for the month of October, the U.S. unemployment rate dropped to 6.9%, a 1% drop from September, and the U.S. labor force participation rate dropped 0.3% to 61.7%.
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