Overall unemployment rate moved down to 2.4% with the biggest shift in Education & Healthcare, which gained 7,000 roles, based on the most recently available information published in April 2022.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market rose by 15,530 jobs in February and the unemployment rate decreased compared to the prior month by 60 bps to 2.4%. The national unemployment rate decreased by 28 bps over the same time to 4.1%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 174 bps below the national rate which is a positive sign.
- Unemployment in the market is 220 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in February versus prior month by 6.2% and are down compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 0.4% . Key sectors include:
- Transportation & Utilities: 341,900; -300
- Education & Healthcare: 339,200; +7,000
- Business Services: 317,500; +500
- Government: 240,300; +3,000
- Manufacturing: 200,300; -100
- Financial Services: 154,100; -800
- Restaurants & Hotels: 152,800; -1,600
- Construction, Mining: 77,600; +900
- Other Jobs: 73,100; -400
- IT & Development: 32,700; -100
Data is based on the most recent 12 months available, through February 2022 (Data published April 2022 and reports created on April 6, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.