25 Nov Minnesota has the lowest unemployment in the nation
Minnesota has the lowest unemployment in the nation once again. It was recorded at 2.1% in October. This is both good and bad news.
The good news is that people looking for a job or upgrading their employment have lots of options. We see increases in salaries and hourly wages and benefits.
The bad news is that many businesses are having a difficult time finding employees. This affects hours for restaurants and the service companies can provide.
How are our neighbor states doing? Wisconsin has a 3.3% unemployment rate and Iowa is 2.9%. Illinois is 49th with 4.6%.
The unemployment rates for individual cities have Mankato as the lowest in the nation at 1.3%, Rochester 4th at 1.5%, Grand Forks 7th at 1.6%, St. Cloud 11th at 1.7% and Minneapolis/St. Paul at 19th at 1.9%.
The low rates are partially due to accelerating retirements among the State’s aging population and the shrinking labor pool as the result of the pandemic.
I hope you found my blog on “Minnesota has the lowest unemployment in the nation” helpful. Look for more blogs on all aspects of Minnesota, real estate, and the world around us.
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The Anderson Team