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The Minnesota unemployment rate for August 2012 was reported at 5.9%. This is a 0.1% increase over the July rate and is the second consecutive month with an increase. The Department of Labor estimates that in August there were just over 175,000 individuals unemployed in the State of MN. This is an increase of roughly 2,700 for the month. The number of employed people also fell by 6,000 to an estimated 2.79 Million. This, together with a corresponding decrease of about 3,300 in the total workforce caused the small 0.1% increase in Minnesota's unemployment rate.
The August 2011 unemployment rate in Minnesota was 6.5%. Back then, there were about 193,000 unemployed workers in the state. This number is approximately 18,000 more than the current month. Also, compared to a year ago, there are approximately 8,200 more workers 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 states in the Midwest have also seen higher rates in recent months. Wisconsin's unemployment rate rose 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 North Dakota, though a very 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 major 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 largest gain over the past 12 months was in Professional & Business Services (4.1%). The largest loss was in Leisure & Hospitality (-3.6%). The largest employment major business sector in MN continues to be Trade, Transportation, and Utilities at about 494,000 employed.
Early this Fall the the US Department of Labor will publish the September 2012 employment numbers for the State of Minnesota. When the do, we'll review the State's major business sectors and overall employment trends. Remember that previously released employment numbers may be altered at a later date.
The August 2011 unemployment rate in Minnesota was 6.5%. Back then, there were about 193,000 unemployed workers in the state. This number is approximately 18,000 more than the current month. Also, compared to a year ago, there are approximately 8,200 more workers 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 states in the Midwest have also seen higher rates in recent months. Wisconsin's unemployment rate rose 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 North Dakota, though a very 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 major 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 largest gain over the past 12 months was in Professional & Business Services (4.1%). The largest loss was in Leisure & Hospitality (-3.6%). The largest employment major business sector in MN continues to be Trade, Transportation, and Utilities at about 494,000 employed.
Early this Fall the the US Department of Labor will publish the September 2012 employment numbers for the State of Minnesota. When the do, we'll review the State's major business sectors and overall employment trends. Remember that previously released employment numbers may be altered at a later date.
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