MN Unemployment Falls to 7.4% in August/Job Growth Continues

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St. Paul – Minnesota’s seasonally adjusted unemployment rate continues to move lower, falling to 7.4% in August, according to numbers released today (Thursday) by the Minnesota Department of Employment and Economic Development (DEED). Minnesota added a seasonally adjusted 40,500 payroll jobs in August, up 1.5% from July.

The U.S. gained 1.371 million payroll jobs in August, up 1.0% from July.

The national unemployment rate is at 8.4% for August.

“We are continuing to see steady job growth and a decline in unemployment in Minnesota, but it will take some time to replace jobs lost during the pandemic,” said DEED Commissioner Steve Grove. “While job growth in Minnesota was stronger in August than in July, growth continues to be uneven across industries and occupations. People in lower income occupations continue to be most impacted by job loss.”

Minnesota unemployment has dropped steadily since reaching a high of 9.9% in May, which was the month with the highest pandemic-related unemployment. In June, Minnesota’s unemployment rate was 8.6% and in July it was 7.6%.

Some groups of Minnesotans have been more affected by unemployment than others during the pandemic. Based on six month moving averages (March to August 2020 data), the unemployment rate for Black Minnesotans is 16.3% in August, up nearly 11 percentage points from 5.4% one year ago, in August 2019. For Hispanic Minnesotans, unemployment was 9.7% in August, up from 3.9% in August 2019. White Minnesotans have an unemployment rate of 6.7% in August, up from 3% one year ago.

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