Minnesota adds over 14,000 jobs in August, the largest monthly gain in two years

ST. PAUL

— Minnesota employers added 14,400 jobs in August, the largest monthly increase in jobs since July 2022, according to data from the Minnesota Department of Employment and Economic Development.

Over the month, employment grew by half a percent in Minnesota, far faster than the national rate of 0.1%. Minnesota’s unemployment rate increased slightly to 3.3% and the labor force was flat over the month. The state’s unemployment rate is lower than the national average of 4.2%, and the labor force participation rate is among the best in the country.

“This is a great month for Minnesota’s jobs market,” said DEED Commissioner Matt Varilek. “We added the most jobs in a single month in two years, reflecting employers’ ongoing appetite to hire more workers. Our responsibility is to help them do that.

September is Workforce Development Month in Minnesota

, offering a reminder of the initiatives underway to invest in our economic future by recruiting and retaining workers and making sure Minnesota is creating the jobs of the future right here at home.”

Eight of the 11 supersectors in Minnesota added jobs last month, led by strong growth in Leisure & Hospitality (up 4,300 jobs, or 1.6%), Education & Health Services (up 4,200 jobs, or 0.7%) and Professional & Business Services (up 3,900 jobs, or 1.1%).

The Bureau of Labor Statistics revised last month’s employment figures for Minnesota. Rather than a loss of 1,100 jobs, as was initially reported, the state gained 2,500 payroll jobs from June to July. Overall, Minnesota has added jobs nine out of the last 12 months.

Minnesota gained 41,695 jobs over the year, up 1.4%, only slightly slower than the national rate of 1.5%.

Wages grew twice as fast as inflation. The average private sector hourly wage is $37.74 in Minnesota, an increase of 5.9% over the year. The Consumer Price Index (CPI) a common measure of inflation, rose 2.5% over that time.

“Over the last several months, we have seen strong wage growth in Minnesota,” said Labor Market Information Director Angelina Nguyen. “Wage growth has consistently outpaced inflation, which is a good thing as we work to attract and retain talented workers for our labor force.”

To mark Workforce Development Month, six state agency commissioners wrote an op-ed in the Duluth News Tribune about Walz-Flanagan administration strategies to grow Minnesota’s workforce, such as ramping up support for high-growth sectors, investing in equity, increasing access to education and skills training, marketing Minnesota nationwide and making the state the best place for workers to raise a family. Learn more at

Statewide View: Minnesota striving to create a high-skilled, job-ready workforce

.

DEED also hosted the 2024 Workforce Summit to share best practices and innovative ways to prepare the state’s workforce to meet the needs of Minnesota businesses. Learn more at

Coming Together to Strengthen Our Workforce at the 2024 Minnesota Workforce Summit

.

Visit the DEED website to view

state and national employment statistics

,

monthly jobs numbers

and data. You can also find

alternative measures of unemployment

. In addition, find related articles about job growth and labor market changes in the

latest issue of Minnesota Employment Trends

. Access resources to help Minnesotans prepare for and find employment now at

CareerForceMN.com

.