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DEED: Minnesota’s Unemployment Rate Now Lowest Ever Recorded

MINNEAPOLIS (WCCO) — Minnesota’s seasonally adjusted unemployment rate has fallen to the lowest level recorded, according to new figures released by state officials.

On Thursday, the Minnesota Department of Employment and Economic Development (DEED) said that the state gained 11,500 jobs in March and the unemployment rate dropped to 2.5%. It’s down from 2.7% in February, which was the lowest level recorded since 1999.

The latest national unemployment rate is 3.6%.

It’s the sixth straight month of job growth for Minnesota, according to DEED. Some of the supersectors that gained jobs on a seasonally adjusted basis in March included: mining and logging, trade, transportation, information and financial activities.

DEED Commissioner Steve Grove says it’s good news for the state that more people are returning to the labor force during the job surge, but there is still work to be done.

“Many Minnesotans who want to work are not connecting with stable employment,” Grove said. “DEED is working to build bridges between employers and communities that are too often overlooked – workers of colors, workers with disabilities, and new immigrants – to empower the growth of the Minnesota economy for everyone.”

DEED says despite the ongoing jobs recovery, some Minnesotans are being left behind in getting back to stable jobs, especially those who are Black, over the age of 55 years old and/or have lower levels of educational attainment.

Inflation continues to be a concern, despite job recoveries. In Minnesota and the United States, wages are not keeping up with inflation.

“In Minnesota, the average hourly wage increase for all private sector workers, at 4.9% over the year, was almost half of 8.5% inflation in March 2022,” DEED said.

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Source: CBS Minnesota

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