During the second quarter of 2020, employers in Minnesota reported a total of 111,753 vacancies, down 23.7% from second quarter 2019. Due to economic changes brought about by the coronavirus pandemic, this is the first survey period since 2016 when there are more unemployed workers than job vacancies (see Figure 1).
Statewide, there were 2.4 unemployed persons for each vacancy, halting a three year streak of having more job seekers than job vacancies. This is the highest number of job seekers per vacancy reported since 2012, when there were 2.6 unemployed workers for each opening. However, it is still significantly lower than the peak of 8 jobseekers per vacancy reached in the midst of the Great Recession in 2009.
Statewide, the Health Care & Social Assistance industry had the most job vacancies, followed by Retail Trade and Accommodation and Food Services. Sixteen of the 20 industries saw a year-over-year decline in the number of vacancies posted, with the biggest drops in Accommodation and Food Services, Manufacturing, and Health Care & Social Assistance. Information saw the biggest increase over the year – likely due to heightened demand for telecommunications and internet services.
Regionally, 65,879 or 59% of all job vacancies were located in the seven-county Twin Cities metro area, while the remaining 45,874 vacancies, or 41%, were located in Greater Minnesota. Compared to one year ago, the number of job vacancies decreased by 23.4% in the Twin Cities and 24.1% in Greater Minnesota.
At $15.95, the median wage offer is up 6.3% from one year ago, and is the highest ever reported. Wage offers have increased 22.8% since the second quarter of 2015.
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