In April, the labor force participation rate, or the percentage of the working age population that is either working or actively looking for work, declined to a low of 68.9% not seen since, coincidentally, the same month of 1979.
Although several aggregate statistics describe the magnitude of this damage, many details on the impact on businesses and industries have been missing from the picture.īetween March and May, the state’s seasonally adjusted unemployment rate leaped from a near historic low of 2.9% to an unprecedented high of 9.9%. The arrival of the virus that causes COVID-19 in Minnesota in early 2020 and subsequent steps to slow its spread sparked immediate and severe widespread economic damage.
Assessing the Initial Impact of COVID-19 on Minnesota Employment and Business Establishments
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