Governor Walz, Lt. Governor Flanagan on Minnesota's Economy as June Unemployment Rates Reach Another Record Low

Statement

Today, Governor Tim Walz and Lieutenant Governor Peggy Flanagan reacted to Minnesota's latest record-breaking low unemployment rate. In June, Minnesota's unemployment rate reached 1.8%, down two-tenths of a percent from May and just half the size of the nation's unemployment rate. Minnesota has now created over 91,000 jobs in the past year, with the state's labor force participation rate growing to 68.5%.

"We're building a state with more opportunity for Minnesotans. I am proud to break another record with these historically low unemployment rates," said Governor Walz. "During a period of global economic worry, Minnesota's economy is stable and thriving. We will continue working to provide all Minnesotan's security and financial relief and ensure that this growth continues."

"These numbers show the kind of impact that investing in our communities can have," said Lieutenant Governor Flanagan. "This is an extremely positive sign that Minnesota's economy is heading in the right direction. By continuing to give back to all Minnesotans, we can counter inflation and build on this stability."

Over the past six months, Minnesota has seen a greater job growth rate compared to the nation as a whole, at 1.6%. In the past year, the state's job growth has increased by 3.2%. 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. These figures were compiled by the State of Minnesota's Department of Employment and Economic Development.

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