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Job growth outpaces the nation overall in March; unemployment rate drops to 2.5%

Minnesota gained 11,500 jobs, up 0.4% in the last month on a seasonally adjusted basis following the addition of 13,000 jobs in February, according to numbers released today by the Minnesota Department of Employment and Economic Development.

The private sector gained 11,000 jobs, up 0.4% following the addition of 12,800 jobs in February. This is the sixth straight month that Minnesota has seen job growth.

Minnesota’s labor force participation rate rose from 67.9% to 68.1% and the unemployment rate ticked down two-tenths of a point to 2.5% in March 2022 from 2.7% in February 2022, a tie with its lowest level ever recorded, in February 1999.

The decline over-the-month was entirely due to people moving from unemployment to employment. Nationally, the labor force participation rate ticked up 0.1% to 62.4% and the unemployment rate fell two-tenths of a percentage point to 3.6%.

“It’s good news for Minnesota that more people returning to the labor force as job growth continues to surge,” said DEED Commissioner Steve Grove. “However, many Minnesotans who want to work are not connecting with stable employment. DEED is working to build bridges between employers and communities that are too often overlooked — workers of colors, workers with disabilities, and new immigrants — to empower the growth of the Minnesota economy for everyone.”

Minnesota lost 417,600 jobs from February through April 2020 and has since gained 315,900 jobs as of March 2022, or 76% of the jobs lost on a seasonally adjusted basis. The private sector has regained 310,900 jobs, or 80% of the jobs lost.

The U.S. gained 431,000 jobs, up 0.3% from February to March 2022, with the private sector adding 426,000 jobs, also up 0.3% on a seasonally adjusted basis.