•Minneapolis-St. Paul has the fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates. •Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,800 jobs have been added in the industry year-over-year (Y-O-Y). •While office-using sectors were responsible for 52% of growth this month, educational and health services continue to drive regional employment gains and currently account for 37% of Y-O-Y job growth. •Nationwide, unemployment dropped by 30bp to a cyclical low of 4.6 percent. This is possible by consistent job growth and a slight decline in the labor force participation rate to 62.7 percent. •With continued wage growth and inflation now at 1.6 percent, nearing the Federal Reserve’s 2.0-percent target and unemployment at its lowest point since August 2007, the stage has been set for a rate hike by the end of the year.