Minnesota’s Economic News — W/E 1/14/22
State and local taxes and spending Austin Daily Herald: Sen. Gene Dornink: Working with a budget surplus Fergus Falls Daily Journal: County taxes reflect support of residents The Center Square:…
Unemployment is reaching high levels and states are facing an unprecedented rise in unemployment benefit claims. But how many of these states are in a good position to cover these claims and for how long?
According to the Tax Foundation Minnesota is solvent enough to fund 13 weeks of unemployment benefits. Minnesota ranks 36th in regards to how many weeks of unemployment benefits the state`s trust fund can cover. Wyoming, Florida, South Dakota, Utah and Oregon are the top 5 funded states. Their Trust funds can cover Unemployment benefits for at least 65 weeks.
In Minnesota unemployment benefit claims are 11.8% of the total workforce. Minnesota ranks 9th position on this metric, meaning it is one of the states with higher unemployment numbers. According to DEED, as of April 9th, there have been 407,362 unemployment benefit applications since March 16th in Minnesota.