The Minnesota Index rebounded from its drop in August by increasing 0.4 percent in September, the largest monthly jump since May. The rebound was fueled by an upticks in wage and salary employment, a drop in the unemployment rate, and climbing wage disbursements. Minnesota’s index outpaced the U.S. index for the sixth time this year as the U.S. index advanced 0.2 percent.
Minnesota’s unadjusted unemployment rate dropped to a 17-year low of 2.9 percent in September. Another year of even moderate job growth will generate extremely tight labor markets last experienced in the state in 1998 and 1999. Minnesota’s index has advanced 3.4 percent over the year compared to the U.S. increase of 2.5 percent.