Community News
Minnesota Posts Solid Job Growth in January Wage growth outpaces inflation with Rochester MSA being the biggest job gainer by percentage over the year
Minnesota gained 3,000 jobs from December to January, meaning the state has seen job growth for nine out of the past 12 months, according to numbers released today by the Minnesota Department of Employment and Economic Development (DEED). Average hourly wages for all private sector workers in Minnesota increased 56 cents to $37.46 in January 2024 over the month and they were up $1.78, or 5.0%, over the year. The Consumer Price Index (CPI), a common inflation measure, rose 3.1% over the year in January, meaning wage increases were 1.9 points higher than inflation over the year. "Minnesota continues to see healthy job growth and wages are outpacing inflation, both of which are great news for workers," said DEED Commissioner Matt Varilek. "During our tight labor market, DEED's workforce development programs help prepare more Minnesotans to enter high-demand employment with family-sustaining wages." Later this month, DEED will announce the grantees that will implement the Drive for 5. This innovative job training and placement initiative is grounded in industry sector partnerships to align employer needs with training programs in five high-growth career fields: technology, the trades, caring professions, manufacturing and education. Minnesota's unemployment rate remained at 2.7% in January 2024, the same as the revised December 2023 rate. The labor force decreased by 1,981 people over the month, nudging the labor force participation rate down one-tenth of a percentage point to 67.9%. Minnesota posted 0.1% monthly job growth overall in January, with the private sector up 0.2%. The U.S. total nonfarm employment and private sector employment were both up 0.2%. The U.S. unemployment rate stayed at 3.7% and the national labor force participation rate remained at 62.5%. "Over the year, Minnesota gained over 29,000 payroll jobs," said DEED's Labor Market Information Director Angelina Nguyễn. "Most notably, Education and Health Services gained 23,649 jobs, up 4.3%. This growth was propelled
by the Healthcare and Social Assistance sector, especially Nursing and Residential Care Facilities, and Social Assistance." Over the month, five supersectors in Minnesota gained jobs on a seasonally adjusted basis: • Education & Health Services gained 2,600 jobs • Trade, Transportation & Utilities gained 1,100 jobs • Leisure & Hospitality gained 800 jobs • Professional & Business Services gained 600 jobs • Information gained 100 jobs Among Metropolitan Statistical Areas (MSAs) headquartered in Minnesota, the Rochester MSA was the biggest job gainer by percentage over the year, with 3,890 added jobs, up 3.2%. The Minneapolis-St. Paul MSA was the biggest job gainer by number, up 6,010 jobs over the year, or 0.3%.
APRIL 2024 — ROCHESTER AREA CHAMBER OF COMMERCE ADVANTAGE MAGAZINE | 41
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