Walz Says Minnesota Added Jobs For 14th Straight Month

(KNSI) – The job numbers are not available to the general public yet, but Minnesota Governor Tim Walz is already celebrating November’s figures for the state.

Walz says 6,800 jobs were created last month and payrolls expanded by nearly 100,000 jobs in the past year. Minnesota businesses now employ 3.5 percent more people than a year ago, outpacing the national growth for the same timeframe.

The November figure is below October’s 17,400 mark, which equated to a 0.6% increase. It could point to a slowing economy, which has been the stated goal of the United States Federal Reserve. The central bank has rapidly hiked interest rates to combat inflation and is now targeting a tight labor market, worried that wage gains are fueling the problem more so than product shortages or the cost of goods and commodities.

Minnesota’s unemployment rate is at 2.1% according to the release, greater than the 1.8% seen back in May. That suggests more people are entering into the workforce, something economists like to see, or households are reporting more tepid figures than employers in recent months when it comes to hiring.

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