Overall unemployment rate moved down to 2.8% with the biggest shift in Business Services, which lost 3,300 roles, based on the most recently available information published in May 2023.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market rose by 13,712 jobs in March and the unemployment rate decreased compared to the prior month by 40 bps to 2.8%. The national unemployment rate decreased by 27 bps over the same time to 3.6%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 82 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 March versus prior month by 4.1% and are down compared to last year at this time in the market.
Month over Month Unemployment Change
Year over Year Unemployment Change
For key employment segments of the market, total jobs declined by -0.4%. Key sectors include:
- Education & Healthcare: 350,300; +600
- Transportation & Utilities: 337,600; -300
- Business Services: 295,100; -3,300
- Government: 246,700; -2,200
- Manufacturing: 204,300; -800
- Restaurants & Hotels: 177,000; -300
- Financial Services: 146,100; -900
- Construction, Mining: 75,500; -1,200
- Other Jobs: 70,800; -400
- IT & Development: 30,000; +200
Employment Change by Key Sector
Data is based on the most recent 12 months available, through March 2023 (Data published May 2023 and reports created on May 9,2023). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.