The latest unemployment rate for Minnesota is 2% which is a national low. It is also up slightly from what was the new record low of 1.8%. No other state has seen a low of 1.8%.
With that said I can say there are jobs in Minnesota. There are also people who can not find jobs that are a good fit. I know a teacher and a college professor who can not find work in their fields.
In the coming months, we may also see more people in the real estate, title, and mortgage industries looking for jobs. There have been layoffs in the mortgage industry as applications are down. Real estate agents are usually independent contractors who don’t have to worry about being let go but some will move on if they can’t make enough money to pay their bills.
There are plenty of job openings in retail, restaurants, and customer service. There are also a lot of openings for nurses and other health care professionals.
Some local businesses have shortened their hours of operation due to a lack of help.
It seems to me that there are some mismatches between job openings and people who are seeking jobs. It could have to do with an aging workforce, or pay and working conditions.
The national unemployment rate is 3.5%. Illinois had an unemployment rate of 4.5% and the highest unemployment rate in the country right now is the district of Columbia with a 4.7% unemployment rate. [Source: US Department of Labor data is for September 2022]
The unemployment rate affects the housing market and a lack of housing or lack of affordable housing can affect the employment rate.