Minnesota Posts Record Low Unemployment Numbers

MN Senate DFL

(KWNO)- On Thursday of last week, Governor Tim Walz and Lt. Governor Peggy Flanigan celebrated record low unemployment numbers in Minnesota.

In June, Minnesota’s unemployment rate reached 1.8%, down two-tenths of a percentage from May. It’s also half the size of the nation’s unemployment rate.

Minnesota has created 91,000 jobs in the past year with the state’s labor participation rate growing to a stellar 68.5%, which is sixth in the nation according to Federal Reserve Economic Data.

Governor Tim Walz said, “We’re building a state with more opportunity for Minnesotans. I am proud to break another record with these historically low unemployment rates. During a period of global economic worry, Minnesota’s economy is stable and thriving. We will continue working to provide all Minnesotans security and financial relief and ensure that this growth continues.”

Lt. Governor Peggy Flanigan followed with, “These numbers show the kind of impact that investing in our communities can have. This is an extremely positive sign that Minnesota’s economy is heading in the right direction. By continuing to give back to all Minnesotans, we can counter inflation and build on this stability.”

Over the past six months Minnesota has seen a better job growth rate than the nation at 1.6% and in the past year has increased that job growth rate by 3.2%.

According to an economic forecast conducted by the Minnesota Management and Budget office in February, the state projects the budget surplus to be at a historic $9.25 billion for the 2022-23 fiscal year.