MADISON — Today, the Department of Workforce Development (DWD) released the U.S. Bureau of Labor Statistics (BLS) preliminary employment estimates for March 2023, which showed the seasonally adjusted unemployment rate in Wisconsin falling to a record low of 2.5%.
The total number of unemployed fell by 6,400 during March and by 8,600 during the year to a new record high of 76,600. In addition, total seasonally adjusted nonfarm payrolls increased by 900 during March and 41,400 on a yearly basis to reach a new record of 2 ,997,900. The total job count puts 3,900 jobs in the state above the pre-COVID-19 peak in January 2020.
Wisconsin’s record low unemployment rate of 2.5% for March is down 0.2 percentage point from February’s rate of 2.7%, which was a previously record low. The state’s labor force participation rate rose 0.1 percentage point during the month, to 64.6%. Nationally for the month of March, the US unemployment rate was 3.5% with a labor force participation rate of 62.6%.
- Residence data: With the unemployment rate in Wisconsin falling to 2.5% for the month of March, the number of unemployed fell by 6,400 during the month and by 8,600 during the year to a new record high of 76,600. The workforce regained about 4,600 workers during the month for a total workforce of 3,074,400. The number of employed persons grew by 11,000 during the month of March for a total of 2,997,900 workers.
- Workplace data: Over the month, Wisconsin added 900 nonfarm jobs, with gains of 3,200 job-creating services. Private sector jobs increased by 200 jobs during the month of March and rose by 32,500 jobs during the year to reach a record number of 2,595,200. Construction and manufacturing jobs both declined during the month but remained higher year-on-year.
“Wisconsin’s historic economic performance — with a record low unemployment rate and a record low number of unemployed — requires us to continue efforts to remove barriers to employment, invest in innovative solutions, and prepare our workforce for the green jobs of the future,” said DWD Secretary-designate Amy Pechacek. “Through Governor Tony Evers’ unprecedented investment in the Workforce Solutions Initiative, Wisconsinians are connected to new jobs, new skills, and expanded career opportunities. However, to attract and retain the additional talent our employers need, we need to take more advantage of our unparalleled talent pools. fully exploited and adopting competitive approaches such as paid family and medical leave.”
The full day’s report can be found on DWD’s premier source of labor market information, WisConomy.com.
