Overall unemployment rate moved down to 3.8% with the biggest shift in Restaurants & Hotels, which gained 15,900 roles, based on the most recently available information published in June 2021.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market rose by 18,499 jobs in May and the unemployment rate decreased compared to the prior month by 30 bps to 3.8%. The national unemployment rate decreased by 25 bps over the same time to 5.5%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 170 bps below the national rate which is a positive sign.
- Unemployment in the market is 800 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in May versus prior month by 1.6% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.7% . Key sectors include:
- Transportation & Utilities: 340,500; +3,000
- Education & Healthcare: 331,200; +1,900
- Business Services: 316,200; +3,500
- Government: 240,000; -1,900
- Manufacturing: 192,400; +1,600
- Financial Services: 158,800; +600
- Restaurants & Hotels: 154,700; +15,900
- Construction, Mining: 88,200; +5,500
- Other Jobs: 71,600; +2,700
- IT & Development: 30,700; no change
Data is based on the most recent 12 months available, through May 2021 (Data published June 2021 and reports created on June 30, 2021). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.