Minnesota Employment Review - June 2023
Every month, the Labor Market Information (LMI) Office of the Minnesota Department of Employment and Economic Development (DEED) publishes a slate of research articles that offer insights into important labor market trends. The latest issue of Minnesota Employment Review includes seven articles covering Current Employment Statistics, the Consumer Price Index, Job Openings, Income Increases during the Pandemic, and a Regional Spotlight focusing on the Twin Cities Metro Area. Select a title below to view the full article.
As the Seven-County Twin Cities Metro Area’s labor market continues to recover from the COVID-19 pandemic and recession, hiring demand across the region continues to remain near historic highs.
Minnesota’s economy is projected to add 28,623 jobs between the end of 2022 and end of 2023, a 0.9% increase. In the context of the recovery from the coronavirus pandemic, the projected percent employment change is slower than the previous two years, and more in line with employment growth seen before 2020.
The pandemic-induced economic damage in 2020 included a record plunge in employment, a tidal wave of initial claims for unemployment benefits, skyrocketing unemployment rates, elevated business closures and robust personal income growth.
An analysis of the current month’s employment picture broken out by industry.
An analysis of the current month’s employment picture broken out by Metropolitan Statistical Area.
The Job Openings and Labor Turnover Survey (JOLTS) conducted by the BLS shows that the number of job openings increased to 204,000 vacancies in April in Minnesota.
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in May on a seasonally adjusted basis, after increasing 0.4% in April.
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