Overall unemployment rate moved up to 3.1% with the biggest shift in Transportation & Utilities, which lost 13,200 roles, based on the most recently available information published in March 2022.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market rose by 28,581 jobs in January and the unemployment rate increased compared to the prior month by 60 bps to 3.1%. The national unemployment rate increased by 74 bps over the same time to 4.4%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 133 bps below the national rate which is a positive sign.
- Unemployment in the market is 170 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 8.4% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs declined by -1.6%. Key sectors include:
- Transportation & Utilities: 341,800; -13,200
- Education & Healthcare: 335,500; -3,600
- Business Services: 317,800; -4,900
- Government: 237,600; -2,700
- Manufacturing: 199,900; +900
- Financial Services: 155,000; -700
- Restaurants & Hotels: 154,600; +300
- Construction, Mining: 77,400; -6,200
- Other Jobs: 73,700; -400
- IT & Development: 32,700; -100
Data is based on the most recent 12 months available, through January 2022 (Data published March 2022 and reports created on March 18, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.