Twin Cities Region Outpaces Major US Markets in Unemployment Rate Expansion From 2022 Low

The unemployment rate for the Minneapolis-St. Paul region rose to 3.2% in February, a 170 basis point expansion from its all-time low of 1.5% in April 2022, according to the latest Bureau of Labor Statistics release. This follows the Twin Cities' biggest cumulative six-month decline in employment in over a decade, pushing total nonfarm payrolls nearly 44,000 below pre-pandemic levels as of January.