Community News
Labor Force Participation Rate Steady; Unemployment Rate Ticks Up
Minnesota's labor force participation rate remained at 68.0% in May, one of the highest in the country, according to numbers released today by the Minnesota Department of Employment and Economic Development (DEED). Minnesota's unemployment rate ticked up one-tenth of a percent to 2.8%, which denotes a small loosening of the state's extremely tight labor market. Nationally, the unemployment rate ticked up one-tenth of a percentage point to 4.0% and the labor force participation rate fell two- tenths of a percentage point to 62.5% over the month. Additionally, after several months of job growth, Minnesota employers pulled back last month with the state losing 8,600 jobs from April to May on a seasonally adjusted basis, a 0.3% decline. Minnesota's private sector lost 9,800 jobs, down 0.4% over the month. Minnesota has gained jobs nine out of the last 12 months. The U.S. total nonfarm employment increased by 0.2%, with the U.S. private sector also up 0.2%. "We'll be keeping a close eye on job and labor force growth. We continue to believe that job growth, particularly in certain sectors, is constrained by a lack of available workers with necessary skills," said DEED Commissioner
Matt Varilek. "DEED and our agency partners continue to reach out to Minnesotans looking for work to help them prepare for in-demand employment. Earlier this week, Governor Walz and Lt. Governor Flanagan announced grantees who will help prepare 2,100 Minnesotans from underserved communities for employment in construction, health care and manufacturing, among other sectors." Minnesota wage growth is outpacing inflation as well as national wage growth. Average hourly wages for all private sector workers in Minnesota increased 14 cents, to $37.12, in May 2024 over the month. Over the year average hourly earnings increased $1.92, up 5.5%. For the U.S., private sector wages decreased 4 cents over the month and grew 4.0% over the year. The Consumer Price Index, a common measure of inflation, rose 3.3% over the year in May, meaning that wage growth in Minnesota has outpaced inflation over the year. Regionally, job growth in the Rochester Metropolitan Statistical Area continued its strong streak, with over the year growth of 4,707 jobs, up 3.8%.
Rochester's Growth Highlighted
Recently, the Twin Cities Business magazine released their June/July issue with a profile on the growth and collaboration in Rochester. This special section is brought to you with the support of the City of Rochester, Destination Medical Center, Experience Rochester, Mayo Clinic, Rochester Area Chamber of Commerce, Rochester Area Economic Development, Inc., Rochester Downtown Alliance, and area businesses.
The June/July Twin Cities Businesss magazine focuses on Rochester's growth and collaboration.
Read the full article at https://bit.ly/3zbuDN2
AUGUST 2024 — ROCHESTER AREA CHAMBER OF COMMERCE ADVANTAGE MAGAZINE | 43
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