Unemployment Rate Dips 17 May 12

The state unemployment rate fell 0.2 percent in April to a seasonally adjusted 5.6 percent, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED).

The U.S. unemployment rate was 8.1 percent last month. Minnesota employers eliminated 3,100 jobs in April. Year-over-year, however, the state has gained 14,700 jobs, representing a growth rate of 0.6 percent. U.S. job growth was 1.3 percent in the past 12 months.

DEED Commissioner Mark Phillips says “Despite the job losses last month, most signs point to employment growth over the long term,” and ”The economy continues to move in a positive direction, with fundamentals remaining relatively strong and better than a year ago.”

Manufacturing led all sectors with 2,200 new jobs last month, followed by financial activities (up 2,000) and education and health services (up 1,600). Logging and mining held steady.