Twin Cities home prices climbed 10 percent over the year ending in September, according to the widely followed S&P/Case-Shiller index.

The broader 20-city index enjoyed a slightly larger gain with a boost from several western cities in the index, like Las Vegas and San Francisco. They posted annual price gains topping 25 percent.

Case-Shiller is one of several monthly reports tracking home prices in the Twin Cities. It lags reports from local realtor groups by two months and uses a different methodology.

Minnesota’s jobless rate fell to 4.8 percent in October. That is the first time the state’s unemployment rate has been under 5 percent since February of 2008, close to the onset of the Great Recession.

In September, the unemployment rate registered 5 percent, down slightly from the August reading.

Despite the October government shutdown, Minnesota payrolls added 9,900 positions last month, regaining the 8,700 jobs lost in September, plus an additional 1,200.

“Not only does the state have one of the lowest unemployment rates in the country, but we’re also adding jobs — an indicator of a growing economy on the right track,” Katie Clark Sieben, commissioner of the Minnesota Department of Employment and Economic Development, said in a statement.

Sieben’s agency reported the October and September employment numbers on Thursday. The September report was postponed due to the federal government shutdown.

The state has added nearly 50,000 jobs over the past year. That translates to an annual growth rate of 1.8 percent, slightly better than the U.S. average of 1.7 percent.

Factory job growth recently has been notable, said Laura Kalambokidis, Minnesota’s chief economist.

“Minnesota manufacturers are are still employing fewer people than they did before the last recession and even fewer than one year ago,” she said. “The good news with this two-month report is that after a tough spring and summer, manufacturing saw two solid months of growth in September and October.”

Education and health services had the biggest job gains over the September-October time frame with 6,700 jobs. Other sectors adding employment include:

• Manufacturing (+5,300)
• Information (+600)
• Construction (+300)
• Logging and mining (+200)
• Government (+200)

Industries reporting employment declines include:

• Professional and business services (-7,300)
• Other services (-3,500)
• Financial activities (-1,000)
• Trade, transportation and utilities (-200)
• Leisure and hospitality (-100)

MPR News reporter Annie Baxter contributed to this story.

Best Buy vows it will be competitive on prices during the holiday season but says that could hurt profits.

That warning helped drive down the company’s stock by as much as 11 percent Tuesday.

“The reason the stock is down so much is their caution around the fourth quarter and more discounting and they’re going to have to continue to lower prices to be more competitive,” said  Brian Yarbrough, a retail analyst with Edward Jones. “As you do that that weighs on profitability.”

The prices and profits warnings come as the consumer electronics retailer reported net income of $54 million for its most recent quarter, compared with a $10 million loss a year earlier.

Hundreds of millions of dollars in cost-cutting has helped Best Buy compete on price, Yarbrough said. Comparable store sales increased slightly in the most recent quarter, ending a streak of 12 consecutive quarterly declines.

The company will need to grow sales at a much faster clip while competing on price and posting profits that please Wall Street, Yarbrough added.