21 May Record unemployment rate in Minnesota

Record unemployment rate in Minnesota.

This is good news and unwelcome news. Minnesota’s unemployment rate has drooped to a record 2.2%. That is the lowest recorded since state officials began tracking it in 1976. That compares to 3.6% nationally.

 

Good news?

Every able-bodied person in Minnesota can find a job. Minnesota has seen strong and steady job growth. In Minnesota there are 2.7 job openings for every available worker, compared to 1.7 nationally. Our job gains are led by financial activities sector, professional and business services, and leisure and hospitality. Only the energy section has seen a decrease.

The unwelcome news.

The state has still only recovered 79% of the jobs lost at the start of the pandemic. May workers have taken early retirement and are no longer in the work force and many mothers have decided to stay at home because of the prohibitive cost of daycare and the inability to find it. Minnesota’s labor participation rate is 68.3 %. The state saw more workers than usual move out of the state last year.

In summary.

The good news is tempered with the reality that we have a ways to go. We have also seen wages increase this last year but not to the level to match inflation.

I hope you found my blog on “record unemployment rate in Minnesota” helpful. Look for more blogs on all aspects of Minnesota that effect real estate.

Just call, text, or email me with questions

Jeff Anderson

The Anderson Team

www.mnrealestate.com

RE/MAX RESULTS

612-386-8600