Minnesota gained 3,000 jobs from December to January, meaning the state has seen job growth for nine out of the past 12 months, according to the numbers released by the Minnesota Department of Employment and Economic Development (DEED).
Average hourly wages for all private sector workers in Minnesota increased 56 cents to $37.46 in January 2024 over the month and they were up $1.78 or 5.0% over the year. The Consumer Price Index (CPI), a common inflation measure, rose 3.1% over the year in January, meaning wage increases were 1.9 points higher than inflation over the year.
“Minnesota continues to see healthy job growth and wages are outpacing inflation, both of which are great news for workers,” said DEED Commissioner Matt Varilek. “During our tight labor market, DEED’s workforce development programs help prepare more Minnesotans to enter high demand employment with family sustaining wages.”
Minnesota’s unemployment rate remained at 2.7% in January 2024, the same as the revised December 2023 rate. The labor force decreased by 1,981 people over the month, nudging the labor force participation rate down one tenth of a percentage point to 67.9%.