Minnesota’s job market loses momentum, as surveys show worry about the economy

In addition to October’s overall job slippage, hourly wages dipped slightly to $37.76 during the month. However, over-the-year average earnings grew $1.21 an hour, which is up 3.3%. That outpaced inflation and matched the national wage growth rate.

“In general, Minnesota’s labor market held steady in recent months and we saw bigger variations in regional job change,” said Angelina Nguyen, labor market information director for DEED.

DEED Commissioner Matt Varilek said the state’s employment prospects looked brighter moving forward, though.

“Last month, we announced two major business expansions — Sofidel and Solventum — that will retain and add thousands of jobs in the state,” he said in a statement. “On top of those expansions, we also announced the latest round of broadband development funding, which enables more businesses across Greater Minnesota to grow and attract talent. “

But as the Enterprise Minnesota and Creighton surveys showed, global economic factors will continue to affect employment.

“In terms of impending economic threats, supply managers named supply chain disruptions as the top potential risk to their firm’s business operations in the months ahead,” said Creighton’s Goss.