Unemployment Rate Dropped To 4.6% In October As Minnesotans Leave The Workforce

From CBS Minnesota:

By WCCO-TV

November 19, 2020

MINNEAPOLIS (WCCO) — State officials say Minnesota’s unemployment rate dropped significantly in October. However, they noted that the main reason for the drop is that more Minnesotans are leaving the workforce.

The Minnesota Department of Employment and Economic Development says that the state’s unemployment rate fell to 4.6% last month, down from nearly 6% in September. While that state did add more than 13,000 payroll jobs in October, the chief reason for the unemployment drop was that a significant number of Minnesotans are no longer seeking work.

October marked the second consecutive month with a declining labor force participation rate, a measure of the state’s active workforce. According to officials, labor force participation fell to 67.4% in October, down from 68.5% in September. Before the COVID-19 pandemic hit, Minnesota’s labor participation rate was at 70.2%.

Read more at CBS Minnesota