Overall unemployment rate moved up to 2.2% with the biggest shift in Restaurants & Hotels, which gained 9,500 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 1,632 jobs in June and the unemployment rate increased compared to the prior month by 60 bps to 2.2%. The national unemployment rate increased by 46 bps over the same time to 3.8%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 164 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 June versus prior month by 4.2% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.1% . Key sectors include:
- Transportation & Utilities: 348,000; -900
- Education & Healthcare: 342,800; -800
- Business Services: 336,400; +2,000
- Government: 241,700; +400
- Manufacturing: 209,200; +2,400
- Restaurants & Hotels: 180,100; +9,500
- Financial Services: 160,100; +1,600
- Construction, Mining: 97,000; +4,600
- Other Jobs: 78,800; +2,200
- IT & Development: 33,500; +300
Data is based on the most recent 12 months available, through June 2022 (Data published August 2022 and reports created on August 3, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.