Unemployment Sinks Again to Another All-Time Low: 1.8%
July 21, 2022
The unemployment rate ticked down two-tenths of a point to 1.8% in June 2022 – yet another record low since the metric has been tracked in 1976, according to numbers released today by the Minnesota Department of Employment and Economic Development (DEED). The lowest pre-pandemic unemployment rate was 2.5% in early 1999.
The unemployment rate decline over-the-month was entirely due to people moving from unemployment to employment. The labor force participation rate ticked up another tenth of a point to 68.5%.