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Minnesota’s unemployment rate is the highest it’s been in nearly four years.
New figures from the Minnesota Department of Employment and Economic Development, released Thursday, show the seasonally adjusted rate ticked up to 3.5 percent in July. That’s up from 3.3 percent the month before.
State records show the last time the seasonally adjusted rate reached 3.5 percent was in August 2021.
“We may now be seeing results of mass federal layoffs and funding interruptions, erratic tariffs and shrinking immigration,” DEED Commissioner Matt Varilek said in a news release. “Even so, some of the favorable qualities about Minnesota’s labor market remained consistent in July, with low unemployment, significant wage growth and high labor force participation.”
The latest report from the state shows about 109,000 people listed as unemployed, with the labor force participation rate inching down to 68.1 percent.
DEED reported that two labor supersectors — education and health services, and construction — added jobs last month.
Eight supersectors lost jobs, including a drop of 3,500 government jobs, or 1.2 percent.
Minnesota’s unemployment rate remains lower than the national rate of 4.2 percent. The national labor force participation rate is 62.2 percent.
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