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Minneapolis-St. Paul unemployment approaches 20-year low; #1 among all large metros at 2.3%

  • ​​​Preliminary numbers for October place Minneapolis – St. Paul at the top spot among large metros (shared with Nashville) for the lowest percent of civilian workers looking for work. Our 2.3 percent translates to 46,774 of the 1.9 million active labor force participants, while the current national rate sits at 3.9 percent.
  • December 1999 was the last instance when unemployment was lower than the current level at 2.1 percent. Late in the 1990’s local unemployment spent about two years below 2.0 percent before experiencing the dot-com bubble. 
  • The Minneapolis – St. Paul metro boasts economic diversity that often insulates it from extreme volatility. Local employers consist of a core 16 Fortune 500’s, the second highest per capita concentration in the country. A quick comparison of dot-com era volatility shows that Minneapolis-St. Paul had nearly half the total boom to bust range as San Jose between 1998 and 2004. ​

Source: JLL Research, U.S. Bureau of Labor Statistics​

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