Unemployment Rate at Historic Low in Minnesota
According to new figures released this week from the Minnesota Department of Employment and Economic Development (DEED), unemployment in Minnesota fell to a record low.
The state’s unemployment rate fell to 2% in May; that’s the lowest rate since the state began tracking the figure in 1976.
Minnesota gained more than 6,600 jobs, which is the eighth straight month of job gains.
However, it’s still nearly 75,000 jobs short of what it was before the onset of the COVID-19 pandemic, which is indicative of a tight labor market where job openings outnumber unemployed workers.
In Brooklyn Park specifically, state officials say there’s a high concentration of manufacturing jobs available to people seeking employment.
Officials with DEED say there’s a high concentration of manufacturing jobs available to job seekers in Brooklyn Park.
“So when you’re looking at manufacturing jobs, that’s gonna be things like machinists, CNC operators, welders, supervisors of production workers, so on and so forth,” said Tim O’Neill, a regional labor market analyst with DEED. “And so when you’re looking at these jobs, lot of demand there, and also really decent, excellent wages.”
Meanwhile, state officials say that wages in Minnesota are not keeping up with the rate of inflation. Average hourly earnings rose by 3.4% over the last year, while inflation in the Twin Cities increased by 8.7% during the same time period.
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