Here are 5 things employers should know about the current labor market in Minnesota:
- The unemployment rate in the State of Minnesota as of March 2015 was 3.7%, which was below the nationwide average of 5.5%.
- The unemployment rate in the Twin Cities Metropolitan Area as of March 2015 was 4.0%.
- It is estimated that Minnesota has 51,000 more jobs today than it did a year ago.
- Since 2010, the job growth in the Twin Cities has been predominantly in the suburbs. The number of jobs in Minneapolis remained essentially flat while St. Paul lost jobs during that time period. Dakota County gained the most jobs.
- According to a recent report, the unemployment rate in Minnesota is currently 0.33% below its historical average.
Takeaway: The historically low unemployment rate in Minnesota likely means that it will be harder for employers to find qualified applicants for the foreseeable future.