Overall unemployment rate moved down to 2.0% with the biggest shift in Government, which lost 13,500 roles, based on the most recently available information published in August 2022.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market declined by 121 jobs in July and the unemployment rate decreased compared to the prior month by 20 bps to 2.0%. The national unemployment rate decreased by 5 bps over the same time to 3.8%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 178 bps below the national rate which is a positive sign.
- Unemployment in the market is 120 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in July versus prior month by 4.9% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs stayed flat. Key sectors include:
- Transportation & Utilities: 345,900; -2,500
- Education & Healthcare: 344,400; +400
- Business Services: 341,100; +4,700
- Government: 227,900; -13,500
- Manufacturing: 212,700; +3,500
- Restaurants & Hotels: 187,700; +8,300
- Financial Services: 159,800; -600
- Construction, Mining: 99,100; +1,900
- Other Jobs: 76,800; -1,700
- IT & Development: 33,500; +100
Data is based on the most recent 12 months available, through July 2022 (Data published August 2022 and reports created on September 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.