29 Mar Minnesota jobless rate is 3.7% for February
Once again Minnesota is one of the nations’ best when it comes to low jobless rate with unemployment holding steady at 3.7% for the fourth straight month. The national unemployment rate is 4.9% and for comparison Wisconsin is 4.6%
Minnesota’s labor force grew by 18,700 workers in February. The labor force participation rate is now 70.9% and that is the highest since 2011. And the employment-to-population rate of 68.3%, which reflects the share of the total population that is working, is the highest since August of 2008.
The biggest gains in employment were in health care ( the state’s biggest employment sector ), retail trade, state employees, and construction.
In general, in economic cycles where there are low rates of unemployment, there is greater economic activity, stronger demand for workers and a higher demand for goods and services. Workers tend to earn higher wages and gain more economic power. They also have more taxable income, which means more revenue for state and federal governments.
This is a very rosy picture for the state’s economy and when people have jobs they are much more comfortable purchasing homes. Another reason real estate is experiencing a very brisk spring season.