By Oriane Casale
December 2023
The Job Openings and Labor Turnover (JOLTS) Survey conducted by the BLS shows that the number of job openings decreased by 14,000 or 7% in Minnesota to 187,000 in October on a seasonally adjusted basis. Compared to one year ago, job openings were down by 19,000 or 9.2%. This compares to an over-the-year decline of 16.6% at the national level.
Minnesota had a job vacancy rate of 5.9 in October compared to 5.3 nationally. The job vacancy rate is the share of job openings compared to the total number of filled jobs.
In Minnesota there were 0.5 unemployed workers for each job vacancy in October. This ratio has been level since May 2023 when it was 0.4 and is up from 0.3 one year ago. This indicates that, while Minnesota's labor market remains extremely tight, the hiring situation has improved somewhat over the year.
Minnesota ranked 11th, tied with 12 other states, on this measure in September. Nationwide, there are 0.7 unemployed workers for each job vacancy, up from 0.6 one year ago.
