According to data from the Minnesota Department of Employment and Economic Development (DEED), Minnesota experienced its largest job increase in two years. Furthermore, according to Labor Market Information Director Angelina Nguyen, Minnesota, wages are outpacing inflation. In the private sector, the average hourly wage has increased by 5.9% over the year. While the Consumer Price Index (CPI) a common measure of inflation, has risen to 2.5% over the same period. “’ This is a great month for Minnesota’s jobs market,’ said DEED Commissioner Matt Varilek. ‘We added the most jobs in a month in two years, reflecting employers’ ongoing appetite to hire more workers. ’”
August 2024 – Minnesota Unemployment Rate
Lost Jobs & Industries Affected:
- -1,700 Goods Producing
- -900 Construction
- -700 Manufacturing
- -200 Arts & Entertainment
- -100 Mining & Lodging
The U.S. unemployment rate dropped by one-tenth of a percentage, reaching 4.2% last month. While Minnesota’s unemployment rate followed the opposite trend as the national unemployment rate, increasing by one-tenth of a percentage to 3.3% in August. However, Minnesota’s labor force participation rate still remains among the highest in the nation at 67.7%
*Data from US Bureau of Labor Statistics
August 2024 – Minnesota Open Jobs
Gained Jobs & Industries Affected
- +4,300 Leisure & Hospitality
- +4,200 Education & Health
- +3,900 Business Services
- +1,400 Government
- +1,000 Trade & Utilities
In August, Minnesota employers added 14,400 jobs, the largest monthly increase in jobs since July 2022, according to data from the Minnesota Department of Employment and Economic Development (DEED). Additionally, the state’s employment rate grew by 0.5%, which is far faster than the national rate of 0.1%
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