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Minnesota's unemployment rate drops slightly to 3.7 percent

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Minnesota lost 1,700 jobs in the month of October, but the unemployment rate still dropped by 0.1 percent, figures released by the Department of Employment and Economic Development (DEED) Thursday morning show.

That’s a seasonally-adjusted unemployment rate of 3.7 percent – slightly lower than the 3.8 percent unemployment rate in September. The U.S. unemployment rate was 5 percent in October.

“The October figures suggest that tightening labor markets are beginning to constrain employment growth in Minnesota,” DEED Commissioner Katie Clark Sieben said in the release. “With more baby boomers retiring and leaving the workforce, we are seeing real impacts of the slowing labor growth."

Here’s a look at how the unemployment rate breaks down by metro area:

Which industries did well?

A handful of industries gained jobs in October, including "other services" (up 2,200), professional and business services (up 1,300), government (up 500), manufacturing (up 400) and education and health services (up 400).

However, six sectors lost jobs last month, including: leisure and hospitality (down 2,300), construction (down 2,200), trade, transportation and utilities (down 800), financial activities (down 500), information (down 400), and logging and mining (down 300).

Despite job losses last month, a few sectors are up when compared to last year. Education and health services have the most job gains in the past 12 months, adding 11,433 jobs.

Other sectors that gained jobs over the past year: professional and business services (up 10,271), leisure and hospitality (up 7,792), financial activities (up 3,334), and trade, transportation and utilities (up 770).

Six sectors lost jobs over the past 12 months: construction (down 3,891), government (down 3,004), information (down 918), logging and mining (down 771), manufacturing (down 700) and other services (down 387).

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