Minnesota’s Unemployment Rate Now at 2%, a New Record Low

Minnesota’s unemployment rate has dropped to a new record low.

May’s unemployment rate now sits at 2% according to new data released Friday by the Minnesota Department of Employment and Economic Development.

That is the lowest since tracking began in 1976.

DEED says the decline in the unemployment rate is entirely due to people moving off unemployment and into jobs, but says the state is still down more than 75,000 people in the labor force since before the pandemic.

DEED also notes that employment recovery has not been consistent for all Minnesotans.  Black and Hispanic Minnesotans continue to experience higher unemployment rates than white Minnesotans.

Nationally, the unemployment rate stayed the same at 3.6%.