Overall unemployment rate moved up to 2.1% with the biggest shift in Manufacturing, which lost 3,200 roles, based on the most recently available information published in September 2022.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market declined by 13,028 jobs in August and the unemployment rate increased compared to the prior month by 10 bps to 2.1%. The national unemployment rate stayed flat over the same time period at 3.8%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 169 bps below the national rate which is a positive sign.
- Unemployment in the market is 110 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in August versus prior month by 4.6% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -0.5%. Key sectors include:
- Education & Healthcare: 346,300; +1,700
- Transportation & Utilities: 345,200; -1,200
- Business Services: 338,400; -2,200
- Government: 227,300; -900
- Manufacturing: 210,000; -3,200
- Restaurants & Hotels: 184,900; -1,100
- Financial Services: 159,800; -600
- Construction, Mining: 97,100; -1,800
- Other Jobs: 76,700; -400
- IT & Development: 33,200; -300
Data is based on the most recent 12 months available, through August 2022 (Data published September 2022 and reports created on September 28, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.