Minnesota’s Unemployment Rate Drops to 4.6% in October
ST. PAUL -- Minnesota's unemployment rate dropped by another 1.3% from September to October, but the state continues to see a dropping labor force participation rate...
Drops in labor force participation are not uncommon during recessions. This does happen cyclically. And, generally when economic conditions improve you see the numbers go back up. So, our hope, of course, is that this is a temporary blip due to (again we don't know the motives) safety concerns (during the pandemic) and things like that.
Minnesota Department of Employment and Economic Development Commissioner Steve Grove says that's tough because companies are hiring right now despite the pandemic.
Grove says the demographic with the highest percentage leaving the workforce are the 55-plus age group. The demographic with the highest number of people leaving the labor force are 35-54-year-olds.
State officials say part of the reason people may be leaving jobs right now is because of safety concerns and to care for their families.
The unemployment rate for October is down to 4.6% compared to 5.9% in September. The national unemployment rate also fell by 1%, down to 6.9% last month.