Minnesota’s July unemployment rate stays at record low 1.8%
[MGN]
(ABC 6 News) – The unemployment rate held steady at 1.8% in July 2022 – tying the record low since the metric has been tracked in 1976.
The numbers were released Thursday by the Minnesota Department of Employment and Economic Development (DEED).
The 1.8% was also the all-time lowest state rate on record in the United States as of June.
On a seasonally adjusted basis, Minnesota gained 19,100 jobs in July, up 0.7% from June, following the addition of 1,000 jobs (revised upward) in June 2022. The private sector gained 14,600 jobs in July, up 0.6% from June.
Since January 2022, Minnesota’s seasonally adjusted employment has grown 2.3% while the U.S. has grown 1.9%.
The size of Minnesota’s labor force declined for the first time this year, dropping by nearly 4,000 people as a result of small declines in both the number employed and the number unemployed. The result was a one-tenth of a point decrease in the labor force participation rate, to 68.4%.
In 2022, Minnesota’s labor force growth has been strong but slowing. Based on a three-month moving average, Minnesota’s labor force grew 0.3% in March-May, 0.2% in April-June and 0.1% in May-July. The U.S. labor force grew 0.1%, -0.1% and 0% over the same periods.
“Our record-low unemployment rate remained steady in July as Minnesotans continued to find opportunity in the economy,” said DEED Commissioner Steve Grove. “Despite a very tight labor market, employers are hiring at a fast rate, and continue to offer ample opportunities for Minnesotans seeking good-paying jobs."
Employment recovery has not been consistent for all Minnesotans. In July, the labor force participation rate ticked up two-tenths of a point to 68.6% for white Minnesotan’s and three-tenths of a point to 80% for Hispanic Minnesotans. The labor force participation rate ticked down eight-tenths of a point to 68.1% for Black Minnesotans.
The unemployment rate remained level at 2.4% for white Minnesotans, fell one-tenth to 7.3% for Black Minnesotans and rose one-tenth to 3.2% for Hispanic Minnesotans in July.
To read the full July report, CLICK HERE.