The Department of Workforce Development (DWD) recently released the U.S. Bureau of Labor Statistics (BLS) preliminary employment estimates for the month of April 2023, which showed Wisconsin’s seasonally adjusted unemployment rate dropped to a record low of 2.4%.
The total number of unemployed people dropped by 3,700 over the month of April and 13,300 over the year to a new record low of 72,900. In addition, total seasonally adjusted nonfarm jobs increased 3,800 over the month of April and 51,500 year-over-year to hit a new record high of 3,003,600. The total jobs number puts the state 9,600 jobs above the pre-COVID-19 peak in January 2020.
Wisconsin’s record low unemployment rate of 2.4% for April is down 0.1 percentage points from the March rate of 2.5%, which was the previous record low. The state’s labor force participation rate increased by 0.2 percentage point over the month to 64.8%. Nationwide for the month of April, the U.S. unemployment rate was 3.4% with a labor force participation rate of 62.6%.
- Place of Residence Data: As Wisconsin’s unemployment rate fell to 2.4% for April, the number of unemployed people declined by 3,700 over the month and 13,300 over the year to a new record low of 72,900. The labor force regained some 10,500 workers over the month for a total labor force of 3,085,100. The number of people employed grew by 14,200 over the month of April for a total of 3,012,200 people employed.
- Place of Work Data: Over the month, Wisconsin added 3,800 nonfarm jobs, with gains of 2,600 construction jobs. Total jobs increased by 3,800 over the month of April and are up 51,500 over the year to a record high of 3,003,600 total jobs. Private sector jobs increased by 3,700 over the month of April and are up 41,900 over the year to a record high of 2,600,700. Manufacturing jobs grew by 500 over the month and 5,700 over the year.
“Wisconsin’s labor force participation rate grew over the month, and both the unemployment rate and number of unemployed individuals reached new record lows,” DWD Secretary-designee Amy Pechacek said. “Talk about a Badger Bounce Back: We’ve added 51,500 jobs over the past year to reach a new record high in total jobs, once again surpassing the pre-COVID-19 peak of January 2020.”
The full report can be viewed on DWD’s source for labor market information, WisConomy.com.