Overall unemployment rate moved up to 2.3% with the biggest shift in Restaurants & Hotels, which lost 800 roles, based on the most recently available information published in March 2023.
Total employment in the Fargo, ND-MN market rose by 3,709 jobs in January and the unemployment rate increased compared to the prior month by 40 bps to 2.3%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- Fargo, ND-MN unemployment rate is 156 bps below the national rate which is a positive sign.
- Unemployment in the market is 50 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in January versus prior month by 6.6% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.5%. Key sectors include:
- Transportation & Utilities: 31,700; +100
- Education & Healthcare: 28,400; -400
- Government: 19,600; -600
- Business Services: 15,200; +200
- Restaurants & Hotels: 13,500; -800
- Manufacturing: 11,700; -100
- Financial Services: 11,100; -200
- Construction, Mining: 8,600; -400
- Other Jobs: 4,900; -100
- IT & Development: 2,700; no change
Data is based on the most recent 12 months available, through January 2023 (Data published March 2023 and reports created on March 17, 2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.