By Oriane Casale
March 2024
The Job Openings and Labor Turnover (JOLTS) Survey conducted by the BLS shows that the number of job openings decreased by 28,000 or 13.3% in Minnesota to 182,000 in January on a seasonally adjusted basis. Compared to one year ago, job openings were down by 30,000 or 14.2%. This compares to an over-the-year decline of 17.2% at the national level.
Minnesota had a job vacancy rate of 5.7 in January compared to 5.3 nationally. This is down from 6.5 in December and November 2023. 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 January. This ratio has been level for the six months with the exception of December 2023 when it dropped to 0.4, indicating a very tight labor market in Minnesota where there are only 5 unemployed workers for every 10 job openings. Nationwide there were 0.7 unemployed workers for each job opening in January.
