Not in Labor Force: Discouraged Workers for Minnesota
DISCWORKMN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,600.00
Year-over-Year Change
-2.13%
Date Range
10/1/2003 - 7/1/2024
Summary
The 'Not in Labor Force: Discouraged Workers for Minnesota' series measures the number of people in Minnesota who have stopped looking for work due to perceived lack of available jobs.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This indicator tracks individuals who are considered 'discouraged workers' - those who have stopped actively seeking employment, often due to economic conditions or a belief that no jobs are available for them. It provides insight into labor market dynamics and potential underutilization of the workforce.
Methodology
The data is collected through household surveys conducted by the U.S. Bureau of Labor Statistics.
Historical Context
Discouraged worker statistics are used by policymakers and economists to assess the strength of the labor market and identify potential areas for workforce development initiatives.
Key Facts
- Minnesota's discouraged worker count reached a high of 28,000 in 2010 during the Great Recession.
- The discouraged worker rate in Minnesota has remained below the national average since 2015.
- Discouraged workers are not counted in the official unemployment rate.
FAQs
Q: What does this economic trend measure?
A: This trend measures the number of people in Minnesota who have stopped looking for work due to a perceived lack of available jobs.
Q: Why is this trend relevant for users or analysts?
A: Discouraged worker statistics provide insight into labor market dynamics and potential underutilization of the workforce, which is valuable for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Discouraged worker statistics are used by policymakers and economists to assess the strength of the labor market and identify potential areas for workforce development initiatives.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and limitations as other labor force statistics from the Bureau of Labor Statistics.
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Citation
U.S. Federal Reserve, Not in Labor Force: Discouraged Workers for Minnesota (DISCWORKMN), retrieved from FRED.