By Oriane Casale
July 2024
The Job Openings and Labor Turnover (JOLTS) Survey conducted by the BLS shows that the number of job openings increased by 24,000 or 16.6% in Minnesota to 169,000 in May on a seasonally adjusted basis. Compared to one year ago, job openings were down by 39,000 or 18.8%. This compares to an over-the-year decline of 15.3% at the national level.
Minnesota had a job openings rate of 5.3% in May, up from the previous two months and higher than the national rate of 4.9% (see figure below). The job openings rate is the share of job openings compared to existing jobs.
In Minnesota there were 0.5 unemployed workers for each job vacancy in May. This ratio has varied little over the last year, indicating that Minnesota continues to have a tight labor market where there are fewer than one unemployed worker for every job opening. Nationwide there were 0.8 unemployed workers for each job opening in May compared to the previous two months.
