Jul 22, 2022 - Business
Minnesota unemployment rate drops to historic low
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Minnesota's unemployment rate hit a historic low last month.
By the numbers: The seasonally adjusted unemployment rate dropped to a historic low of 1.8% in June, per new data from the state Department of Employment and Economic Development, well below the national rate of 3.6%.
- The job growth rate, meanwhile, was relatively flat, with just 100 new jobs added last month.
Between the lines: The unemployment rate remains much higher among Black ( 7.4%) and Hispanic (3%) workers.
The bottom line: The tight labor market continues to drive up competition — and in some cases wages — for workers.
- “This is an economy that is really a workers’ economy right now in terms of opportunity," DEED commissioner Steve Grove said, per MPR News.