Persons Unemployed 15 Weeks or Longer, as a Percent of the Civilian Labor Force for Minnesota
U1UNEM1MN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1.00
Year-over-Year Change
-58.33%
Date Range
10/1/2003 - 7/1/2024
Summary
This economic indicator tracks the percentage of the civilian labor force in Minnesota that has been unemployed for 15 weeks or longer. It provides insights into the persistence and severity of unemployment in the state.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Persons Unemployed 15 Weeks or Longer metric represents the share of the total civilian labor force in Minnesota that has been out of work for an extended period. This long-term unemployment rate is a key measure of labor market distress and is closely monitored by economists and policymakers.
Methodology
The data is collected through the Current Population Survey conducted by the U.S. Census Bureau.
Historical Context
This trend is widely used to assess the overall health of the Minnesota labor market and inform economic policy decisions.
Key Facts
- Minnesota's long-term unemployment rate was 1.4% as of the latest data.
- Long-term unemployment peaked at 3.4% during the Great Recession.
- The state's long-term jobless rate is currently below the national average.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the percentage of the civilian labor force in Minnesota that has been unemployed for 15 weeks or longer.
Q: Why is this trend relevant for users or analysts?
A: The long-term unemployment rate is a key measure of labor market distress and is closely monitored by economists and policymakers to assess the overall health of the Minnesota economy.
Q: How is this data collected or calculated?
A: The data is collected through the Current Population Survey conducted by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: This trend is widely used to inform economic policy decisions related to the Minnesota labor market.
Q: Are there update delays or limitations?
A: The data is published with a short lag and may be subject to revisions by the source.
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Citation
U.S. Federal Reserve, Persons Unemployed 15 Weeks or Longer, as a Percent of the Civilian Labor Force for Minnesota (U1UNEM1MN), retrieved from FRED.