The State’s Unemployment Rate ticked up one tenth of a percentage point to 2.9% from May to June and the Labor Force Participation Rate ticked down two tenths of a percentage point to 67.8% over the month, according to numbers released Thursday by the Minnesota Department of Employment and Economic Development.
Minnesota lost 3,200 jobs from May to June on a seasonally adjusted basis, with the private sector down 3,330 jobs. Even with June’s losses, Minnesota has added jobs eight of the last 12 months. The state’s labor force declined by more than 3,100 people. Minnesota’s unemployment rate remains low and its labor force participation rate continues to be among the highest in the country.
Nationally, the unemployment rate increased one tenth of a percentage point to 4.1% and the labor force participation rate increased one tenth of a percentage point to 62.6% over the month.
Wages for Minnesota workers again outpaced inflation and national wage growth. Average hour wages for all private sector workers increased $2.02 or 5.7% over the year. The Consumer Price Index (CPI), a common measure of inflation, rose 3% over the year, meaning wages increased almost twice as fast as inflation. Nationally, private sector wages grew 4.7% over the year.