Another Record Low For Minnesota’s Unemployment Rate

Saint Cloud, MN, USA / KNSI

Jun 16, 2022 | 2:54 PM

Jake Judd (KNSI News)

(KNSI) – Minnesota’s unemployment rate hit another record low in May, its third in as many months. The figure now stands at 2% statewide.

All regions are benefitting, including the St. Cloud Metropolitan Area. 2,542 jobs have been added locally since May 2021. The pace of hiring is outstripping new entrants into the market. The jobless rate is falling even as labor force participation has bumped up to 68.4%. Minnesota has a larger percentage of its potential workforce employed or seeking a job than the nation as a whole.

The Minnesota Department of Employment and Economic Development says there is one negative aspect to the job market. Wages are still not keeping up with inflation even as companies struggle to find workers. The average hourly wage is now $32.12, up 5.5% from last year. The latest Consumer Price Index report pegs inflation at 8.6%.

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