Minnesota unemployment rate reaches all-time low
ST. PAUL, Minn. – Minnesota's unemployment rate broke another record in May, reaching an unemployment rate of 2%.
May's unemployment rate is down two-tenths a percent from the then-historically low rate in April, according to the Minnesota Department of Employment and Economic Development.
The Bureau of Labor Statistics reports the national May unemployment rate is 3.6%.
Minnesota gained 6,600 jobs and saw an increase in labor force participation at 68.4% for May. The White House says the national labor participation rate is 62.3%.
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.
