(KNSI) – Newly released data from the Minnesota Department of Employment and Economic Development painted a promising, albeit mixed, picture for unemployment, job growth and labor force participation in May.
During the month, the state’s unemployment rate dropped to 4.4%. Additionally, after a nearly flat job growth from December through March, the state’s over-the-month job growth in May officially outpaced the national rate for the second consecutive month. Nonfarm jobs increased by 5,400, while the state’s private sector gained 5,900 jobs.
The state’s labor force participation rate fell to 67.2% over the month, marking the sixth consecutive month of decline. Six of the state’s supersectors saw job gains, with the top two being Leisure and Hospitality, up 2,400 jobs, and Construction, up 2,100 jobs. Financial Activities saw the largest decline, dropping 2,400 jobs.
(KNSI) – DEED Deputy Commissioner Kevin McKinnon said it was encouraging to see the state making progress amid a mixed economic picture. “Minnesota continues to invest in upskilling our state’s workforce and attracting and supporting business growth to maintain a diverse, resilient economy amidst these challenging conditions.”
Over the past year, Minnesota has gained 19,669 payroll jobs, while the state’s private sector has grown by 0.6%. Six supersectors have gained jobs during that period, while five have experienced losses. Education and Health Services saw the largest gains, adding 16,718 jobs, followed by Construction, which added 7,639. Trade, Transportation, and Utilities saw the largest decline, losing 6,014 jobs, followed by Financial Activities, which lost 5,848 jobs.
A full list of statistics and monthly job numbers can be found on the official DEED website.
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