The Consumer Price Index for the Twin Cities area rose just 1.6 percent in the first half of 1998 compared with the same period in 1997. The national average was 1.5 percent. The Twin Cities area inflation rate has been lower than the corresponding national figure over the last 15-year period. Living costs in the Twin Cities area are a near-mirror image of the national average. The index was slightly higher for transportation costs and somewhat lower for housing.
Unemployment continues at the lowest rate in decades.
The job market in the metro area tightened further in the third quarter as the unemployment rate dipped to 1.9 percent on an annual average basis, down from 2.5 percent in 1997. The Twin Cities rate continues to stay well below the national average. Labor force participation remains high. The participation rate of the Twin Cities labor force the percent of people aged 16 and over holding jobs or looking for work continues to be one of the highest in the nation. The Twin Cities and Dallas were at the top of the list, at just over 75 percent in 1996.