A new study found Minnesota has the No. 20 best job market in the nation in 2023. Southern states are surging, home to nine of the 10 strongest job markets.
For the first time in a long time, there is cautious optimism about the U.S. economy. It is being fueled by a strong labor market. In May, 339,000 jobs were added – nearly double projections – and while that cooled to 209,000 new jobs in June, many experts suggest the economy may be headed to a soft landing instead of a recession.
Peak Sales Recruiting today released a study on the Best & Worst Job Markets By State after analyzing U.S. Bureau of Labor Statistics data from 2021 to 2023.
Key Findings:
· Minnesota: 2% employment growth (May 2022 to May 2023); 5.7% increase in job openings and 2.3% quits rate (March); wages decreased -1.5%. (2021-2022).
· 10 Strongest States: Louisiana, South Carolina, Florida, Virginia, Idaho, Georgia, Alabama, Kentucky, Arkansas, and Delaware.
· Southern States Surging: Driven by strong employment growth, job openings and quits – meaning job seekers have confidence to leave and pursue a better job.
· California and New York Rank Take Bottom Spots: Wages dropped (6.9% and 5.1%, respectively), labor productivity fell (3.5% and 2.6%) and underemployment rose (8.7% and 8.5%).
Visit the complete study to view the complete methodology with links to all sources.
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