St. Paul – Minnesota’s seasonally adjusted unemployment rate dropped significantly in October, down to 4.6% from a revised 5.9% in September, according to numbers released today by the Minnesota Department of Employment and Economic Development (DEED).
However, the drop was due to the second consecutive significant monthly drop in the state’s labor force participation rate. The labor force participation rate declined to 67.4% in October from a revised 68.5% in September.
Minnesota’s labor force participation rate was 70.2% in February 2020, prior to the pandemic’s effects.
The U.S. unemployment rate decreased by 1.0 percentage point to 6.9% in October 2020 and the U.S. labor force participation rate increased by 0.3 percentage point to 61.7% in October.