(KNSI) – If you squint, you might be able to find Minnesota’s unemployment rate without a microscope. The state’s Department of Employment and Economic Development says the number has fallen to 1.8%, an all-time low.
More people entered the labor force in June, which means the decline in the unemployment rate was solely due to new hiring. 3,291 more people in Central Minnesota have a job today than a year ago.
Leisure and hospitality businesses are expanding fastest. Manufacturers continue to add to their payrolls as well. Government and construction are flat, representing the worst performing industries.
DEED says wage growth continues to be the only real hiccup. It is well below the inflation rate at 5.2%, meaning consumers are losing spending power.
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