United States Congress Joint Economic Committee

Minnesota

May 2022

Labor Market (BLS/Haver)
Most Recent Prior Month 12 Mo. Prior
Minnesota Unemployment (U-3) 2.2% 2.5% 3.5%
U.S. Official Rate (U-3) 4.8% 5.2% 7.8%
U.S. "Real" Rate (U-6) 7.3% 7.7% 11.7%
Minnesota Labor Force Participation Rate 68.3% 68.1% 67.1%
U.S. Labor Force Participation Rate 61.9% 61.9% 61.5%
Prices (BLS/Haver, AAA)
Most Recent Prior Month 12 Mo. Prior
CPI-U Inflation 6.8% 6.2% 1.2%
"Core" CPI Inflation 4.9% 4.6% 1.6%
National Gas/gal. Updated 5/27/22 12:00 AM $4.60 $4.13 $3.04
Minnesota Gas/gal. $4.23 $3.89 $2.84
Midwest Region: Loaf of Bread $1.51 $1.45 $1.42
Midwest Region: Milk/gal. $2.57 $2.62 $2.17
Economic Growth (BEA, WSJ/Haver)
U.S. Real GDP
Q1/2022 (Advance Estimate)
-1.4%
MN Real GDP
Q4/2021
5.0%
S&P 500 (YTD)
-14.86% Updated 5/27/22 5:00 AM
Minimum Wage (DOL/WHD)
National Hourly Rate
$7.25
MN Hourly Rate
$10.33
Last Generated: 5/27/22 10:05 AM