Minnesota Employers Hire 2,500 in November

(KNSI) – Companies are still hiring across the state heading into the home stretch of 2024.

The Minnesota Department of Employment and Economic Development says 2,500 positions were added in November. Payrolls have popped in nine of the last 12 months.

Economists are also excited about the growth in the labor force participation rate. Roughly 4,600 workers either restarted their job search or began looking for the first time last month. That is seen by experts as a sign of strength, in that people tend to work at getting a job more if they think there are great opportunities available. Minnesota’s rate is 67.8%, substantially higher than the national average.

Since the labor force grew faster than new hires, Minnesota’s unemployment rate ticked up by one-tenth of a percent to 3.5%. That is lower than the national average of 4.2%. The best performing industries in the state were education and health services, which logged a gain of 4,900 jobs, and construction. That sector added 2,800 jobs.

Another bright spot was wages. Paychecks are surging by 5.4%, about twice the rate of inflation. Wage growth was significantly better than the U.S. average.

St. Cloud’s unemployment picture is a mixed bag when compared to other cities across the state. On a non-seasonally adjusted basis, the area has gained 695 jobs in the past year, or 0.6% growth. That Is better than the Twin Cities, which lost over 13,000 jobs. Duluth shed 584. Southern Minnesota fared better. Rochester, buoyed by a Mayo Clinic expansion, is up almost 8,000 jobs. Mankato surged by a solid 2.7%, or 1,581 positions.

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