Calculating the unemployment rate is an important way for the federal and state governments to measure the jobless labor force. The jobless rate compares the number of out-of-work individuals to the total amount of potential workers. When computing the unemployment rate in Minnesota, other states and the nation as a whole, the Bureau of Labor Statistics counts only those who are at least 16 years of age who earn wages or are capable of work if the opportunity arises. The labor force does not include retired workers, homemakers or students. In order to be considered unemployed, an individual must be without work entirely. It is important for officials to determine the unemployment rate continually, as this figure can affect the budget and policy of state unemployment insurance programs. In addition, these figures can help forecast the economic situation and suggest if the country or a specific area is headed for a recession.
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What is the unemployment rate in Minnesota?
What is the unemployment rate in Minnesota and how does it compare to the national average? As of May 2017, the unemployment rate in Minnesota fell to 3.7 percent, which is much lower than the national average of 4.3 percent. Minnesota’s jobless rate is a post-recession low for the state. Over the past three months, unemployed workers in Minnesota are obtaining new positions with help from the addition of over 28,000 jobs. The labor sectors that flourished within the Minnesota market was education and health services, up over 20,000 jobs total. The low unemployment rate in Minnesota is a direct reflection of the strengthening labor market and powerful economic boost in job growth.
However, despite the unemployment rate in Minnesota being so commendable, there are still plenty of workers struggling with unemployment within the state. The good news is, there are options to help. Unemployment insurance benefits can provide temporary wage assistance for qualified individuals in Minnesota. For those workers who find themselves eligible based on the requirements set forth by the state, unemployment benefits can be beneficial while between jobs.
