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Tuesday, December 6, 2022

Minnesota saw more than 17,000 jobs added in October, 13th month of continued gains

The Minnesota Department of Employment and Economic Development said on Thursday that October was the state’s best month for employment growth in 2022, marking the 13th straight positive report.

Seasonally adjusted, Minnesota added 17,400 jobs in October, up 0.6% from September. There were no advances in the public sector.

The state’s unemployment rate increased to 2.1% in October from 2% in September. The rate remains at an all-time low.

From September to October, the national unemployment rate increased by two-tenths of a point to 3.7%. The United States added 261,000 jobs in October, an increase of 0.2% from September, with the private sector creating 233,000 jobs, a seasonally adjusted increase of 0.2%.

In spite of the Federal Reserve’s quick interest rate rises this year meant to reduce inflation and tighten the labor market, the U.S. job market remained solid as fewer Americans filed for unemployment benefits last week.

The Labor Department said Thursday that the number of first claims for unemployment insurance decreased by 4,000 to 222,000 in the week ending November 12. The four-week moving average increased by two thousand to 221,000.

For the week ending November 5, the total number of Americans receiving unemployment benefits increased by 13,000 to 1.51 million. A seven-month high, but not a level of alarm.

In a statement releasing Minnesota’s figures, DEED Commissioner Steve Grove remarked, “October was a wonderful month for growth in Minnesota, which outpaced the nation in employment growth by 0.5 percentage points.” We continue to distinguish ourselves as a hot employment market with 13 consecutive months of job growth – we simply need more people.

In October, DEED also reported considerable employment growth for Black employees, another all-time low in the number of involuntary part-time workers, and higher salary rises, up 6.1% for the year, albeit still slower than inflation, which stands at 7.7% as of October 2021.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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