Unemployment Rate Falls to 3.3 Percent in October

Minnesota’s unemployment rate fell 0.4 percent in October to 3.3 percent, its lowest level in 17 years, according to seasonally adjusted figures released today by the Minnesota Department of Employment and Economic Development (DEED). The U.S. jobless rate was 4.1 percent in October.

The agency said state employers eliminated 4,500 jobs on a seasonally adjusted basis in October. Over the past 12 months, however, Minnesota has gained 41,372 jobs, a 1.4 percent growth rate, matching the U.S. rate of job growth during that period.

“Minnesota’s labor market is still growing at a healthy pace, adding more than 290,000 jobs since Governor Dayton took office in January 2011,” said DEED Commissioner Shawntera Hardy. “Over the past year, nine of the state’s 11 industrial sectors have outpaced the national growth rate.”

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