Overall unemployment rate moved up to 1.6% with the biggest shift in Construction, Mining, which gained 9,000 roles, based on the most recently available information published in June 2022.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market rose by 3,432 jobs in May and the unemployment rate increased compared to the prior month by 10 bps to 1.6%. The national unemployment rate increased by 4 bps over the same time to 3.4%.
- 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 170 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in May versus prior month by 3.9% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.5% . Key sectors include:
- Transportation & Utilities: 350,000; +6,200
- Education & Healthcare: 342,600; +900
- Business Services: 333,000; +4,500
- Government: 240,900; +1,000
- Manufacturing: 205,900; +1,500
- Restaurants & Hotels: 170,200; +4,500
- Financial Services: 158,700; no change
- Construction, Mining: 91,700; +9,000
- Other Jobs: 76,200; +1,000
- IT & Development: 33,400; +200
Data is based on the most recent 12 months available, through May 2022 (Data published June 2022 and reports created on June 29, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.