The numbers are in and it looks like Minnesota’s closed out 2023 with some low unemployment rates. The streak is alive and well!
Here’s Five Fast Facts About Minnesota’s Unemployment Numbers:
- 📉 On the Low - November closed out with a 3.1% unemployment rate, which is a tick lower than October at 3.2%.
- 📈 More Work - The jobs are still rolling in, too. We gained 9.500 jobs in November, which is a 0.6% growth. Keep in mind the national average is 0.2%. We’re crushing it. As a whole, we’ve gained 45,000 jobs throughout 2023.
- 👷 Job Market - Industries with the largest job gains include utilities, education, health services, government, and manufacturing. The financial sector saw a slight drop.
- 📊 Mo’ Money - We’re getting paid more, too. The average hourly wage in the state is now $36.29, for an increase of 3.4% throughout the year. That’s also up 13.2% over the past three years. Keep in mind the national average hourly wage is $33.99.
- 🧮 Transplants - Minnesota’s Department of Employment and Economic Development (DEED) said these jobs are bringing in new residents, with the state getting a 24,000-person surge in population due to increased birth rates because of the new residents and international immigration for those jobs.
🔥Bottom line: Growth like this has continued throughout the year, so it shouldn’t be a surprise. It doesn’t make the situation any less impressive, though. Tell your out-of-state friends: if you want to work, move to Minnesota!
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