Tracking the Jobs Numbers to Provide Insights on Workforce
Using the numbers released by the Minnesota Department of Employment and Economic Development, we provide an hospitality-focused analysis on what the labor trends mean for your business and the industry.
Positive trendlines continued this month as Minnesota’s Hospitality and Leisure industry added 13,415 workers from April to May according to data from the Department of Employment and Economic Development (DEED). This builds on the previous month’s growth of 5,626, as workforce numbers continue to head in a positive direction.
While the majority of businesses have so far survived economic collapse, data indicates that we face a multi-year economic recovery. According to a new hospitality survey conducted by Hospitality Minnesota, the Federal Reserve Bank of Minneapolis and Explore Minnesota Tourism from February 16-March 1, economic headwinds remain related to lower-than-normal revenue, significant inflation, supply chain challenges and a historic workforce shortage.