Overall unemployment rate moved down to 2.7% with the biggest shift in Business Services, which gained 7,800 roles, based on the most recently available information published in June 2023.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market rose by 15,363 jobs in April and the unemployment rate decreased compared to the prior month by 10 bps to 2.7%. The national unemployment rate decreased by 53 bps over the same time to 3.1%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 40 bps below the national rate which is a positive sign.
- Unemployment in the market is 70 bps above the unemployment rate in the market last year at this time, which is a negative.
- Average wages (per hour) grew in April versus prior month by 5% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.3% . Key sectors include:
- Education & Healthcare: 350,800; +200
- Transportation & Utilities: 340,000; +3,300
- Business Services: 304,000; +7,800
- Government: 248,500; +1,900
- Manufacturing: 203,200; -1,200
- Restaurants & Hotels: 183,500; +6,900
- Financial Services: 146,000; -300
- Construction, Mining: 81,700; +6,200
- Other Jobs: 71,600; +800
- IT & Development: 29,900; no change
Data is based on the most recent 12 months available, through April 2023 (Data published June 2023 and reports created on June 8,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.