Overall unemployment rate moved down to 1.7% with the biggest shift in Government, which gained 7,100 roles, based on the most recently available information published in December 2022.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market declined by 2,992 jobs in October and the unemployment rate decreased compared to the prior month by 20 bps to 1.7%. The national unemployment rate increased by 8 bps over the same time to 3.4%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 170 bps below the national rate which is a positive sign.
- Unemployment in the market is 70 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in October versus prior month by 5.5% and are up compared to last year at this time in the market.
For key employment segments of the market, total jobs grew by 1.4% . Key sectors include:
- Education & Healthcare: 356,300; +6,300
- Transportation & Utilities: 349,400; +4,500
- Business Services: 343,500; +6,200
- Government: 244,900; +7,100
- Manufacturing: 211,600; +2,000
- Restaurants & Hotels: 175,500; +2,600
- Financial Services: 158,300; +500
- Construction, Mining: 94,500; -1,200
- Other Jobs: 75,300; -300
- IT & Development: 32,900; +100
Data is based on the most recent 12 months available, through October 2022 (Data published December 2022 and reports created on December 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.