Unemployment Reaches Historic Low; Business Survival Rate Tops in the Nation

Wednesday, January 02, 2019

In November, the Minnesota unemployment rate fell to 3.1 percent. The U.S. unemployment rate was 4.1 percent. 

The state lost 4,000 jobs in November. Over the past year, Minnesota gained 34,566 jobs, an increase of 1.2 percent, while U.S. jobs grew 1.4 percent. Read more.

Through two consecutive months of employment declines, Minnesota’s labor markets are surprisingly strong. We’re seeing a decline in our unemployment rate to levels last seen before the 2001 recession, as our labor force participation rate (70.6 percent) increases to six year highs – and with an aging population. The decline in the number of unemployed to below 100,000 suggests a continued tightening. How long can these recent job gains be sustained?

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