State’s August jobs report shows pause in growth | News, Sports, Jobs

ST. PAUL – Minnesota’s unemployment rate rose a tenth of a point to 1.9% in August, although it remains at an all-time low, according to numbers released today by the Minnesota Department of Employment and Economic Development.

Minnesota’s labor force participation rate fell two-tenths of a point to 68.2%. In August, the US unemployment rate rose two-tenths of a point to 3.7% and the labor force participation rate rose three-tenths of a point to 62.4%.

Seasonally adjusted, Minnesota lost 3,100 jobs in August, down 0.1% from July, after adding 17,100 jobs (revised) in July 2022. The private sector lost 5,900 jobs in August, down 0.2%, and the government added 2,800, down 0.7%.

Minnesota employment for July 2022 was revised down a total of 2,000 jobs and 2,200 private sector jobs. The US added 315k jobs in August, up 0.2% from July, and the private sector added 308k jobs, up 0.2% seasonally adjusted.

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Job growth has been less steady than usual after the pandemic recession, but the trend towards growth has remained strong. Over the past three months, employment has increased by 0.5% in both Minnesota and the US.

“We saw a pause in our job growth in August amid an otherwise record-breaking year for the Minnesota economy,” said Steve Grove, DEED officer. “Despite the volatility we’ve seen in the global economy, Minnesota’s resilience remains strong. Our primary focus remains on bringing job seekers and businesses together at a time of opportunity for Minnesota’s job market.”

In recent months, DEED has been involved throughout the state as part of the Summer of Jobs campaign. Summer of Jobs showcases the thousands of jobs available throughout Minnesota, highlighting labor pools that employers often overlook or have no connection with — such as immigrant communities, young people, retirees returning to the labor market, people with disabilities, or people recently released from correctional institutions – and draws attention to innovation and best practices to increase opportunity and productivity in our workforce.

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Looking at unemployment and labor force participation by race and ethnicity in Minnesota, the labor force participation rate rose to 80.4% for Hispanic workers, 66.8% for black workers and remained at 68.6% for white workers in August, based on 12-month moving averages.

While the participation rate for all groups of workers continued to rise during the year, it has not recovered to pre-pandemic levels for white and black workers in Minnesota. Unemployment rates also vary by racial and ethnic group based on 12-month moving averages, with black Minnesotans seeing a significant drop in unemployment since July but an increase since last August.

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In Minnesota, the average hourly wage for all private sector employees rose 24 cents to $34.62 in August. For the year, average hourly earnings increased $1.90, up 5.8%. Over two years, average hourly earnings increased $2.93, or 9.2%.

Nationwide private sector wages for the month rose 4 cents (0.1%) to $32.14, up 4.4% OTY and up 8.9% over two years. The consumer price index for all urban consumers (CPI-U) rose 0.1 percent in August, 8.3 percent for the year and 13.9 percent over two years.

US employment rose 3.8% in August, private sector 4.4%. Nationally, all supersectors posted gains OTY.

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