Employment and labor force in Minnesota changed little over the month, with the state losing a small number of jobs and recording slightly fewer would be workers in July, according to data from the Minnesota Department of Employment and Economic Development (DEED).
Minnesota’s Unemployment Rate increased to 3.2% as employers dropped a statistically flat 1,100 jobs in July. The labor force fell by 2,200 people over the month. Minnesota’s unemployment rate is still lower than the national average of 4.3%, which also increased this month and the state’s labor force participation rate, 67.8%, continues to be among the highest in the country.
Over the year, Minnesota has gained more than 29,200 payroll jobs. According to the most recent data from the Bureau of Labor Statistics, Minnesota employers had more than 169,000 open positions in May, an increase over the previous month.
Wagers for Minnesota workers continue to be high. Average hourly wages for private sector workers increase $1.42, or 3.9% over the year. The Consumer Price Index, a common measure of inflation, rose 2.9% over the year, meaning wagers increased faster than inflation.
