St. Paul, Minnesota — Today, the Minnesota Department of Employment and Economic Development announced the state’s unemployment rate fell to a seasonally-adjusted 4.8 percent in October, the lowest since December 2007. The state has added nearly 50,000 jobs over the past year, a growth rate of 1.8 percent compared with a U.S. growth rate of 1.7 percent.
House Speaker Paul Thissen released the following statement on today’s news:
“Minnesota’s economy has continued to grow at a faster pace than the rest of the nation which is a testament to our great workforce and businesses. Our economy is on the right track. I am hopeful that our actions during the last session will continue to accelerate job growth and economic development in the future. Investments in proven programs like the Minnesota Investment Fund, Job Skills Partnership, and Job Creation Fund, along with investments to create a 21st Century workforce, are helping position Minnesota for an even stronger economic future.
But we also know we have more work to do to grow Minnesota’s middle class — starting with raising the minimum wage — to make sure that all Minnesotans have the opportunity to share in this growing prosperity.”