Minnesota sees upward economic trends going into 2024; including jobs growth, unemployment, and wages

(St. Paul, MN) -- Minnesota officials say economic numbers are largely up in January of 2024

The Minnesota Department of Employment and Economic Development (DEED) says there was slight trend upwards for job growth, increasing by 0.1% overall and 0.2% in the private sector. Unemployment remained unchanged, staying at 2.7% despite a decrease in the Labor Force by 1,981 people. This contributed to a slightly lower Labor Participation Rate of 67.9%, down by 0.1% compared to December of 2023. 

Additionally, the average hourly wage of all private sector workers in Minnesota increased by $.56, to a total of $37.36 in 1 month. This adds up to a $1.78 increase since last year.

“Minnesota continues to see healthy job growth and wages are outpacing inflation, both of which are great news for workers,” said DEED Commissioner Matt Varilek. “During our tight labor market, DEED’s workforce development programs help prepare more Minnesotans to enter high-demand employment with family-sustaining wages.”

This is all compared to the National Labor Participation Rate of 62.5%, and the U.S. Unemployment rate of 3.7%.

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