Overall unemployment rate moved up to 2.9% with the biggest shift in Transportation & Utilities, which lost 11,300 roles, based on the most recently available information published in March 2023.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market declined by 36,764 jobs in January and the unemployment rate increased compared to the prior month by 30 bps to 2.9%. The national unemployment rate increased by 60 bps over the same time to 3.9%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 96 bps below the national rate which is a positive sign.
- Unemployment in the market is 10 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 1.1% 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:
- Education & Healthcare: 347,900; -4,600
- Transportation & Utilities: 340,600; -11,300
- Business Services: 298,100; -3,400
- Government: 244,300; -700
- Manufacturing: 203,700; -1,700
- Restaurants & Hotels: 175,200; +300
- Financial Services: 147,900; -1,900
- Construction, Mining: 74,000; -5,800
- Other Jobs: 70,700; +600
- IT & Development: 29,700; -500
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.