For another month in a row, the March unemployment rate in Minneapolis continues to be lower than the metro region, lower than the state, and lower than the federal unemployment rates. March unemployment in Minneapolis was 7.4% (up from 7.1% in February) and metro area unemployment was higher at 8% (up from 7.8% in February). While unemployment increased in all major cities in the state, Minneapolis had the second lowest unemployment rate (after Rochester). The unemployment rate in Minneapolis is still low in comparison with the nation, the state and the metro area.
This is a tremendous accomplishment given that up until a few years ago Minneapolis historically has had a higher unemployment than our region, state and nation. Minneapolis is one of the only large cities in America today that has achieved this reversal, due in large part to city job placement strategies, which have trained and placed 10,000 dislocated and low income workers into good jobs since 2002. It’s also a good sign that the new Minneapolis has the potential to lead Minnesota out of this recession.