Minnesota’s unemployment rate hit 6.4 percent in November, up nearly half a point from October, but was still lower than the nation as a whole, the state Department of Employment and Economic Development reported Thursday.
Minnesota employers cut 10,500 jobs in November in response to the global economic slowdown.
Nationally, the seasonally adjusted unemployment rate hit 6.7 percent in November after employers around the country cut 533,000 jobs.
But while things are slightly better in Minnesota, they are predicted to get worse. The Federal Reserve Bank of Minneapolis said Wednesday that the jobless rate in Minnesota would reach 7 percent by the end of next year.
"Minnesota isn’t immune to the worldwide economic problems that are forcing employers to cut costs," DEED Commissioner Dan McElroy said in a statement Thursday as he announced the November numbers. "While job losses have occurred across many sectors, Minnesota maintains year-over-year employment gains in financial activities and in education and health services."
The sectors with the biggest job losses in Minnesota in November were transportation and utilities, down 4,200; leisure and hospitality, down 3,600 and construction, down 2,100.
On the other hand, there were 100 more jobs in mining and natural resources, and government added 4,900 jobs _ but those jobs were primarily election judges in temporary positions.
Minnesota’s seasonally adjusted unemployment rate was 6 percent in October and 5.9 percent in September.
Thursday’s report also includes information on the job markets of the metropolitan areas in Minnesota. Despite the recent downturn, three areas have had slight net job gains in the past 12 months. They are Rochester, Fargo-Moorhead and Grand Forks.
However, Minneapolis-St. Paul, Duluth-Superior and St. Cloud all reported net job losses of between 1 percent and 1.5 percent.
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On the Net:
Minnesota Department of Employment and Economic Development: http://www.deed.state.mn.us
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