Unemployment Level for Minnesota
UNEMPLOYMN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
100,900.00
Year-over-Year Change
-20.80%
Date Range
10/1/2003 - 7/1/2024
Summary
The Unemployment Level for Minnesota tracks the number of unemployed individuals in the state. This metric is crucial for policymakers and economists to assess the health of the local labor market and design effective employment policies.
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 Unemployment Level for Minnesota represents the total number of people in Minnesota who are actively seeking work but unable to find jobs. This data is a key indicator of economic conditions and is used to guide workforce development initiatives and social safety net programs.
Methodology
The data is collected through household surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Tracking the Unemployment Level for Minnesota provides important insights into the state's economic performance and can inform decisions by government, businesses, and job seekers.
Key Facts
- Minnesota's unemployment level peaked at 8.1% in 2020 during the COVID-19 pandemic.
- The state's unemployment rate has steadily declined since 2020, reaching 3.1% as of the latest data.
- Minnesota's unemployment level is consistently lower than the national average.
FAQs
Q: What does this economic trend measure?
A: The Unemployment Level for Minnesota tracks the total number of people in the state who are actively seeking work but unable to find jobs.
Q: Why is this trend relevant for users or analysts?
A: Monitoring the Unemployment Level for Minnesota provides crucial insights into the state's labor market and economic conditions, which is valuable for policymakers, businesses, and job seekers.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: The Unemployment Level for Minnesota informs workforce development initiatives, social safety net programs, and other economic policies at the state level.
Q: Are there update delays or limitations?
A: The Unemployment Level for Minnesota data is published monthly with a slight delay, typically two to three weeks after the end of the reference period.
Related Trends
Chain-Type Quantity Index for Real GDP: Finance, Insurance, Real Estate, Rental, and Leasing (52, 53) in Minnesota
MNFININSREALQGSP
Average Weekly Hours of Production Employees: Financial Activities: Finance and Insurance in Minnesota
SMU27000005552000007A
All Employees: Service-Providing in Minnesota
SMU27000000700000001
Real Gross Domestic Product: Wholesale Trade (42) in Minnesota
MNWHOLERQGSP
High-Propensity Business Applications: Total for All NAICS in Minnesota
BAHBATOTALNSAMN
Housing Inventory: Price Increased Count Month-Over-Month in Minnesota
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Citation
U.S. Federal Reserve, Unemployment Level for Minnesota (UNEMPLOYMN), retrieved from FRED.