Summary
Minnesota experienced robust job and labor force expansion in March 2024, as per the latest report from the Minnesota Department of Employment and Economic Development (DEED). DEED Commissioner Matt Varilek remarked, “March marked an excellent period for both employers and workers in Minnesota.” He emphasized that the significant growth in jobs and the labor force demonstrates the continued strength of Minnesota’s economy, offering ample opportunities for residents and those interested in making Minnesota their home.
March 2024 – Minnesota Employment Rate
Lost Jobs & Industries Affected:
- -1,200 Government
- -500 Manufacturing
- -300 Financial Activities
- -100 Mining & Lodgging
U.S. unemployment increased to 3.8%; however, Minnesota’s unemployment rate stayed steady at 2.7% in March. Minnesota’s labor force increased by 3,000 people over the month, bumping the labor force participation rate up one-tenth of a percentage point to 68%.
*Data from US Bureau of Labor Statistics
March 2024 – Minnesota Open Jobs
Gained Jobs & Industries Affected:
- +5,000 Leisure & Hospitality
- +3,000 Government
- +2,800 Education & Health Services
- + 2,700 Construction
During the month, five subsectors in Minnesota experienced job growth on a seasonally adjusted basis. “Key labor market indicators are trending positive,” said DEED’s Labor Market Information Director Angelina Nguyễn. “In short, more people are employed, and wage growth is outpacing inflation.”\
Key News & Trends
-
- The State of Minnesota’s Workforce in 5 Charts. Learn More
- Minnesota Gains 11,00 Jobs in March. Learn More
- 5 Pieces of Good News in Minnesota’s Economic Forecast. Learn More
