Minnesota Job Growth Rebounds in November; Worker Shortage Persists
• Minnesota added 9,500 jobs from October to November 2022, the largest monthly increase since January. The unemployment rate fell to 3.1%.
• The state's labor force decreased by over 7,000 people in November, dropping the participation rate to 68.3%. This reflects a worker shortage.
• Minnesota's population grew by 23,615 from July 2022 to July 2023, a 0.4% increase, better than the previous two years.
• 14,575 new Minnesotans came from international migration, but 4,686 moved to other states. Retaining residents is crucial.
• The governor and legislators should proceed cautiously next session due to impending budget restraints and recent major investments needing new workers.