Only Minnesota in the Midwest Makes Top 5 for Job Seekers | Indiana

(The Center Square) – Rankings of Midwestern states ranged from five to 41St in a national employment report by WalletHub published on Wednesday.

The best and worst states for jobs in 2022 compares the 50 states across 35 key indicators of labor market strength, opportunity, and state-specific economic health to assess which are most attractive to job seekers. Indicators included employment growth, median annual income, average commute time and more across two dimensions: labor market and economic environment. Labor market factors made up 60% of the ranking because the factors in the category, which include job prospects and job security, are the most influential in a job seeker’s decision to change jobs, the report said.

Minnesota ranked fifth in the nation, followed by Iowa at 22, Michigan at 24, Wisconsin at 29, Indiana at 37, and Ohio at 41.

Minnesota ranked fourth for jobs and 11th for jobsth for economic environment. It has the second highest job opportunities. The indicator was calculated as the number of vacancies per labor force minus the unemployment rate. It has the lowest unemployment rate along with New Hampshire, Utah, Vermont and South Dakota. The North Star State also had the third-highest median annual income.

At the other end of the spectrum in the Midwest region, Ohio placed 38thth for labor market and 36th for economic environment.

Illinois, at 15thShe was 15 tooth in the labor market. Its economic environment is the 23rdapprox according to the report the best in the nation. It has the third highest job growth, despite the 48thth best unemployment rate.

Iowa was 13th for labor market and 32nd for Economic Environment and Michigan was 24th for Jobs and 30thth for economic environment.

Despite having the lowest job growth, Wisconsin had the 33rdapprox best job market and the 28thth best economic environment.

Indiana was 28th for labor market and 38th for economic environment despite the highest average monthly starting salary.

Marick Masters, an economics professor at Wayne State University, said in the report that local leaders can strengthen their community’s economy by following a three-pronged strategy that consists of having strong physical and human infrastructure; attract capital; and lowering the cost of doing business.

Successful communities need robust transportation systems, as well as public safety and education centers that can help with research and development. Municipalities need to tighten government regulations and encourage microfinance for start-ups that are likely to succeed.

“Local communities need to attract capital by (a) signaling financiers that they can be force multipliers, (b) ensuring access to distribution networks, product innovation and development, and communication systems that connect customers with producers and suppliers,” he said.

He added that the Federal Reserve’s efforts to lower inflation will dampen labor markets, so the country should expect rising unemployment and persistently lower labor force participation in 2023.

In the next 10 years, automation will affect millions of jobs, especially those that have routine tasks, while jobs that require intellectual discretion, creativity, information processing and analysis, professional guidance and consultation, and interactive oral and written communication face less automation risk are,” said Master. He said jobs expected to grow include nurses, statisticians, healthcare service managers, data analysts and technicians working in alternative energy.