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Wisconsin’s unemployment rate and labor force participation rate rank in top 5 nationally
MADISON – Department of Workforce Development (DWD) Secretary Ray Allen released the following statement on today’s release by the U.S. Department of Labor’s Bureau of Labor Statistics (USDOL/BLS) showing that Wisconsin’s addition of 15,100 manufacturing jobs from May 2017 to May 2018 ranked 2ndnationally and 1st in the Midwest, and Wisconsin’s record-low unemployment rate of 2.8 percent was tied for the 5th lowest rate among states in May. The data also showed that Wisconsin’s labor force participation rate of 68.9 percent ranked 5th highest nationally.
“Wisconsin’s manufacturing sector continues to drive the Wisconsin comeback, with the addition of 15,100 jobs over the past year ranking 2nd nationally,” DWD Secretary Allen said. “With an unemployment rate of 2.8 percent, Wisconsin needs the talent of all individuals to fill the increasing demand for skilled workers in this state, and DWD stands ready to assist all workers, no matter your current skill level, in getting on the path to rewarding, family-sustaining employment.”
Highlights of today’s state-by-state rankings released by BLS include:
- Wisconsin’s addition of 1,200 manufacturing jobs from April 2018 to May 2018 ranked 7th nationally.
- Wisconsin’s addition of 45,600 manufacturing jobs since December 2010 ranks 9th nationally.
- Wisconsin’s addition of 9,200 manufacturing jobs in 2018 ranks 2nd nationally.
- Wisconsin’s unemployment rate of 2.8 percent ranks 5th lowest nationally, and 2nd lowest among Midwestern states.
- Wisconsin’s labor force participation rate of 68.9 percent ranks 5th highest nationally.
- Wisconsin’s unemployment rate of 2.8 percent is significantly lower than the national rate as defined by BLS.
- Wisconsin ranked 11th nationally in the percent growth of manufacturing jobs from May 2017 to May 2018.
Other indicators of the state of Wisconsin’s economy include:
- Initial UI claims ended 2017 at their lowest level in the last 30 years.
- Continuing unemployment claims ended 2017 at their lowest level since 1973.
- Moody’s investor Service recently upgraded the state’s credit rating, nothing that “(T)he stable outlook reflects the expectation that the state will experience moderate economic growth and will continue its prudent fiscal management practices.”
The data included in today’s release can be accessed on the Bureau of Labor Statistics website.