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Minnesota's unemployment rate falls again, down to 8-year low

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Minnesota's unemployment rate continued its downward trend in October, reaching the lowest jobless rate in the state since June 2006, according to figures released Thursday by the Minnesota Department of Employment and Economic Development (DEED).

The state's unemployment rate fell to a seasonally adjusted 3.9 percent percent last month, which is much lower than the national unemployment rate of 5.8 percent.

"The state's pace of job growth has been impressive in the last three months," DEED Commissioner Katie Clark Sieben said in a news release. "These new jobs combined with falling unemployment claims have contributed to Minnesota's recent recognition as one of the best states in the country for business growth."

Employers in Minnesota added 9,500 jobs in October – bringing total job growth in Minnesota to 49,679 over the past year. The state has added 28,300 jobs over the past three months, which is the strongest three-month span on record.

The largest October gains came in trade, transportation and utilities sector, which added 5,200 jobs, followed by education and health services, manufacturing, "other services," construction, and logging and mining.

The leisure and hospitality sector lost the most jobs (down 2,100), followed by professional and business services, government, financial activities, and information.

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