Minnesota unemployment rate hits historic low

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ST. PAUL, Minn. – Minnesota’s unemployment rate hit another record high in May, hitting an unemployment rate of 2%.

According to the Minnesota Department of Jobs and Economic Development, May’s unemployment rate is down two tenths of a percent from April’s all-time low.

The Bureau of Labor Statistics reports that the national unemployment rate in May is 3.6%.

Minnesota gained 6,600 jobs and saw an increase in labor force participation to 68.4% in May. The White House reports that the national labor force participation rate is 62.3%.

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The governor’s office says Minnesota also has a historic surplus and has been able to make more investments toward continued economic growth, putting more money in the hands of Minnesotans.

The Minnesota Department of Management and Budget estimated a $9.25 billion surplus in the state for the 2022-23 fiscal year.

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