September 29, 2023

Wisconsin unemployment price all the way down to 2.5%

Wisconsin’s unemployment price continued to say no in March, reaching a brand new document low of two.5%, in line with the newest information launched by the state Division of Workforce Growth.

The earlier document low got here in February at 2.7%.

The decline over the month got here from a drop of 6,400 within the variety of folks thought-about unemployed and a rise of 11,000 within the variety of folks employed. These shifts additionally added as much as a one-tenth improve in Wisconsin’s labor drive participation price to 64.6%.

Whereas the labor drive did develop from February to March, the participation price has been trending down, reducing 0.8 proportion factors since March 2022.

Labor market information comes from two totally different surveys carried out by the U.S. Bureau of Labor Statistics. The unemployment price and data on labor drive participation comes from a survey of households. Knowledge on payrolls and the variety of jobs comes from surveys of companies.

The state’s jobs information for March reveals much less constructive figures in terms of job development. Nonfarm jobs elevated by simply 900 and complete personal sector employment was up simply 200, based mostly on seasonally adjusted information.

Items producing sectors in Wisconsin misplaced 2,300 jobs in the course of the month as development employment was down 1,700 and sturdy items manufacturing misplaced 1,600 jobs. Nondurable items manufacturing did add 1,100 positions.

Personal service offering sectors in Wisconsin added 2,500 positions, led by the addition of 1,400 positions in wholesale commerce and 1,200 jobs in well being care and social help.