According to data from the Minnesota Department of Employment and Economic Development (DEED), there was minimal change in the state’s labor force and employment over the month. The state saw a modest decrease in potential workers in July and a small number of job losses. “’Despite monthly variance, Minnesota’s economy remains strong. Companies report that they expect to continue hiring, we’re monitoring dozens of business expansions that will create thousands of jobs, and DEED is working hard to grow the state’s labor force as our new workforce programs enroll and graduate participants’, said DEED Commissioner Matt Varilek.”
July 2024 – Minnesota Employment Rate
Lost Jobs & Industries Affected
- -2,400 Trade & Utilities
- -2,000 Leisure & Hospitality
- -1,100 Financial Activities
- -900 Goods Producing
- -700 Local Government
The U.S. unemployment rate increased by two-tenths of a percentage, reaching 4.3% last month. Similarly, Minnesota’s unemployment rate followed the same trend as the national unemployment rate, increasing by three-tenths of a percentage to 3.2% in July. Over a month, the labor force decreased by 2,200 individuals. However, Minnesota’s labor force participation rate remains among the highest in the nation at 67.8%
*Data from US Bureau of Labor Statistics
July 2024 – Minnesota Open Jobs
Gained Jobs & Industries Affected
- +4,300 Education & Health
- +1,100 Federal Government
- +1,100 Other Services
- +300 Private Services
- +100 State Government
Minnesota faces another month of job loss with 2,200 jobs lost from June to July on a seasonally adjusted basis. Three of Minnesota’s eleven supersectors gained jobs last month while six supersectors lost jobs. DEED Commissioner, Matt Varilek, says the DEED is eagerly watching macroeconomic factors that could drive business growth and hiring; such as interest rate decisions from the Federal Reserve.
*Data from MN Employment and Economic Development
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