Minneapolis Area Economic Summary Updated September 02, 2021 This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see www.bls.gov/regions/economic-summaries.htm. Unemployment rates for the nation and selected Average weekly wages for all industries by county areas Minneapolis area, first quarter 2021 (U.S. = $1,289; Area = $1,409) Unemployment rates 10.5 United States 5.7 8.3 Minneapolis area 3.5 8.1 Anoka Co., MN 3.5 7.9 Dakota Co., MN 3.2 Hennepin Co., 9.0 MN 3.7 9.4 Ramsey Co., MN 4.1 0.0 5.0 10.0 15.0 Jul-20 Jul-21 Source: U.S. BLS, Local Area Unemployment Statistics. Source: U.S. BLS, Quarterly Census of Employment and Wages. Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector Change from Jul. 12-month percent changes in employment Minneapolis area employment Jul. 2021 2020 to Jul. 2021 15.0 (number in thousands) Number Percent 10.0 Total nonfarm 1,944.7 87.4 4.7 5.0 Mining, logging, and construction 94.5 5.0 5.6 0.0 Manufacturing 197.3 5.5 2.9 Trade, transportation, and utilities 342.4 10.8 3.3 -5.0 Information 31.0 -1.5 -4.6 -10.0 Financial activities 159.7 -1.6 -1.0 Professional and business services 319.1 14.1 4.6 -15.0 Education and health services 328.5 9.9 3.1 -20.0 Leisure and hospitality 171.2 32.1 23.1 Jul-18 Jul-19 Jul-20 Jul-21 Other services 73.9 5.4 7.9 Minneapolis area United States Government 227.1 7.7 3.5 Source: U.S. BLS, Current Employment Statistics. Source: U.S. BLS, Current Employment Statistics. Over-the-year change in the prices paid by urban Over-the-year changes in the selling prices received by consumers for selected categories producers for selected industries nationwide 12-month percent change in CPI-U, July 2021 12-month percent changes in PPI 30.0 26.5 5.0 23.8 25.0 4.0 3.0 20.0 2.0 15.0 1.0 10.0 0.0 6.5 5.4 -1.0 5.0 3.6 3.4 Jul-18 Jul-19 Jul-20 Jul-21 Electromedical apparatus mfg 0.0 All items Food Energy Hospitals Minneapolis U.S. city average Insurance carriers Source: U.S. BLS, Consumer Price Index. Source: U.S. BLS, Producer Price Index. Average annual spending and percent distribution Average hourly wages for selected occupations for selected categories Minneapolis United Occupation area States Average annual expenditures, United States and All occupations $30.07 $27.07 Minneapolis-St. Paul, 2018-19 100% Financial managers 71.92 72.84 $20,505 $11,144 80% $5,081 $6,448 $7,230 Securities, commodities, and financial $9,581 53.61 46.41 60% $8,047 services sales agents $9,769 40% $10,507 $11,049 Human resources specialists 34.93 33.38 20% $26,654 $20,386 0% Machinists 25.94 22.98 Minneapolis-St. Paul United States All other items Insurance claims and policy processing 23.14 21.67 Healthcare clerks Personal insurance & pensions Food Transportation Cooks, restaurant 16.38 14.20 Housing Source: U.S. BLS, Consumer Expenditure Survey. Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2020. Employer costs per hour worked for wages and Over-the-year changes in wages and salaries selected employee benefits by geographic division 12-month percent changes in ECI Private industry, West North United March 2021 Central (1) States 6.0 Total compensation $33.20 $36.64 5.0 Wages and salaries 23.02 25.80 Total benefits 10.18 10.83 4.0 Paid leave 2.40 2.72 3.0 Vacation 1.24 1.39 Supplemental pay 1.14 1.27 2.0 Insurance 3.07 2.83 1.0 Retirement and savings 1.05 1.25 0.0 Legally required benefits 2.53 2.77 (1) The states that compose the West North Central census division are: IA, Jun-18 Jun-19 Jun-20 Jun-21 KS, MN, MO, NE, ND, and SD. Minneapolis area United States Source: U.S. BLS, Employer Costs for Employee Compensation. Source: U.S. BLS, Employment Cost Index. Midwest Information Office • [email protected] • https://www.bls.gov/regions/midwest/ • 312-353-1880.