Overall unemployment rate moved up to 2.5% with the biggest shift in Construction, Mining, which lost 4,800 roles, based on the most recently available information published in February 2022.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market declined by 12,673 jobs in December and the unemployment rate increased compared to the prior month by 30 bps to 2.5%. The national unemployment rate decreased by 20 bps over the same time to 3.7%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 119 bps below the national rate which is a positive sign.
- Unemployment in the market is 230 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in December versus prior month by 5.3% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.6%. Key sectors include:
- Transportation & Utilities: 355,400; +2,100
- Education & Healthcare: 329,200; -700
- Business Services: 323,600; -2,500
- Government: 239,100; -2,200
- Manufacturing: 200,100; no change
- Financial Services: 155,500; -1,300
- Restaurants & Hotels: 154,500; -4,000
- Construction, Mining: 84,300; -4,800
- Other Jobs: 74,400; +1,000
- IT & Development: 30,700; +300
Data is based on the most recent 12 months available, through December 2021 (Data published February 2022 and reports created on February 4, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.