Minnesota has reached its lowest unemployment rate in recorded state history, since data collection began in 1976. Minnesota’s unemployment rate fell to 2.2% in April 2022. Additionally, Minnesota gained 11,900 jobs last month, up 0.4% following the addition of 13,200 jobs in March 2022. This continues the state’s job growth streak for the seventh month.
In addition to Minnesota’s low unemployment rate, the state has a historic surplus and is in a strong economic position to make record investments toward continued economic growth and put money into the hands of Minnesotans. Minnesota Management and Budget released an economic forecast in February showing that Minnesota’s state budget surplus is projected to be a historic $9.25 billion for fiscal year 2022-23.