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Job Vacancies Decline in Minnesota; Labor Market Remains Tight

St. Paul, MN – Job vacancies in Minnesota have declined by nearly one-quarter over last year, with employers reporting a total of 139,059 open positions in 2023, according to annual Job Vacancy Survey (JVS) results released today by the Minnesota Department of Employment and Economic Development (DEED).

Overall, job vacancies have declined by 24.7%, driven by a return to more normal hiring levels after rapid employment growth coming out of the Pandemic Recession and more people joining the labor force. This is the fifth highest number of vacancies on record in Minnesota dating back to 2002, but significantly lower than the numbers of vacancies reported during the previous two years.

Minnesota’s labor market remains tight, with nearly two job openings for each unemployed person in the state. Compared to 2022, the number of vacancies decreased and the number of unemployed individuals increased slightly. With 87,000 unemployed workers statewide in 2023, there were 0.6 unemployed persons for each vacancy, up slightly over the last two years and just below levels prior to the Pandemic Recession.

“The Walz-Flanagan Administration is making historic investments that both increase equity in our economy and create work-ready employees to meet the needs of employers in high-demand sectors,” said DEED Commissioner Matt Varilek. “Brand-new initiatives at DEED like Drive for Five, Targeted Populations Workforce Programs and Clean Economy Equitable Workforce are focused, high-impact strategies to help more Minnesotans enter the workforce and meet the meet the demand of our state’s employers.”

 

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