Job growth not keeping up with inflation

Wage growth is not keeping up with inflation in Minnesota.

“Over the year hourly earnings are up 5.6% but inflation is up 8.5%, so wage growth continues to not keep up with inflation. There are certain occupations for which wage growth has been stronger — nursing or residential care is up 13% over the year for example,” says DEED Commissioner Steve Grove.

“Here and now big picture about 85% of the way back to regain the jobs that were lost during the pandemic 417,000 were lost during the pandemic. We’re back about 356,000, so we’re on our way there.”

Last month the unemployment rate remained level at 2.4% for white Minnesotans, fell 0.1% to 7.3% for Black Minnesotans, and rose 0.1% to 3.2% for Hispanic Minnesotans.

Minnesota News Network