Overall unemployment rate moved down to 1.9% with the biggest shift in Restaurants & Hotels, which lost 11,200 roles, based on the most recently available information published in November 2022.
Total employment in the Minneapolis-St. Paul-Bloomington, MN-WI market rose by 2,144 jobs in September and the unemployment rate decreased compared to the prior month by 30 bps to 1.9%. The national unemployment rate decreased by 47 bps over the same time to 3.3%.
- Minneapolis-St. Paul-Bloomington, MN-WI unemployment rate is 142 bps below the national rate which is a positive sign.
- Unemployment in the market is 100 bps below the unemployment rate in the market last year at this time, which is a positive.
- Average wages (per hour) grew in September 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 declined by -0.3%. Key sectors include:
- Education & Healthcare: 349,700; +2,300
- Transportation & Utilities: 345,000; -200
- Business Services: 337,500; -1,400
- Government: 238,000; +10,800
- Manufacturing: 209,700; -700
- Restaurants & Hotels: 174,100; -11,200
- Financial Services: 158,000; -2,200
- Construction, Mining: 95,800; -1,300
- Other Jobs: 75,800; -1,500
- IT & Development: 32,800; -600
Data is based on the most recent 12 months available, through September 2022 (Data published November 2022 and reports created on November 2, 2022). Source: Government data agency and locally acquired statistics.
Note: All reported data is not seasonally adjusted.