Governor Walz on Minnesota's Economy as May Unemployment Rates Mark Another Record Low

Statement

Today, Governor Tim Walz reacted to the news that Minnesota's unemployment rates broke another record in May with an unemployment rate of 2.0%, down two tenths from a historical low rate in April. Minnesota gained 6,600 jobs in May and saw an increase in labor force participation at 68.4%.

"Minnesota's economy is strong, and Minnesotans are working hard. I am proud to break another record with these historically low unemployment rates," said Governor Walz. "Minnesota is in a stable and secure position during this time of global uncertainty and high inflation rates across the country. We'll continue working to provide financial relief for Minnesotans and ensure our economy remains strong."

In addition to Minnesota's low unemployment rate, the state has a historic surplus and has been in a strong economic position to make record investments toward continued economic growth and put money into the hands of Minnesotans. Minnesota Management and Budget released an economic forecast in February showing that Minnesota's state budget surplus is projected to be a historic $9.25 billion for fiscal year 2022-23.

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