The August unemployment rate for the State of Minnesota was reported at 5.9%. This is an increase of 0.1% from the July 2012 rate and is the second consecutive month with a rate increase. In August there were (just) over 175,000 individuals unemployed in MN. This is an increase of around 2,700 over the prior month. Also, the number of employed people also went down by 6,000 to around 2.79 Million. This, combined with a corresponding decrease of around 3,300 in the total civilian workforce caused the small 0.1% increase in this month's rate.
The August 2011 unemployment rate in Minnesota was 6.5%. Back then, there were roughly 193,000 unemployed people in the state. This number is roughly 18,000 more than the current month. Also, compared to a year ago, there are about 8,200 more people employed in MN. Coupled with a drop of 9,600 in the total workforce results in the 0.6% decrease in Minnesota unemployment rate over the past year. The current 5.9% unemployment rate is the highest in MN since November 2011.
Other state in the region have also seen higher rates in recent months. Wisconsin's unemployment rate went up 0.2% in August to 7.5% - it's highest rate since August 2011. The State of Iowa's rate was also up 0.2% in August to 5.5%. The rate in South Dakota, though a low 4.5%, was also up 0.1% for the month. The rate in Illinois was also higher at 9.1% in August. Only the neighboring state of North Dakota was unchanged at just 3.0%. On a positive note, Minnesota's unemployment rate is still significantly lower than the national average of 8.1% in August 2012
The business sector numbers for MN for August were mixed. Up for the month were Information, Education & Health Services, Leisure & Hospitality, and a big jump in Government. Down in August were Mining and Logging, Construction, Manufacturing, Trade Transportation and Utilities, and Professional & Business Services. The biggest gain over the past 12 months was in Professional & Business Services (4.1%). The biggest loss was in Leisure & Hospitality (-3.6%). The biggest employment business type in Minnesota continues to be Trade, Transportation, and Utilities at approximately 494,000 employed.
Next month we'll review the September 2012 employment statistics for the State of MN. We'll review the State's business sectors and patterns, and how it compares to neighboring states and the nation. As always, please remember that previously released employment numbers may be adjusted at a later date.
If you're unemployed in MN and looking for information please visit the Minnesota Unemployment Headquarters.
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