Scott Walker, Governor
Reginald J. Newson, Secretary
Department of Workforce Development
201 E. Washington Avenue
P.O. Box 7946
Madison, WI 53707-7946
Telephone: (608) 266-3131
Fax: (608) 266-1784
FOR IMMEDIATE RELEASE
Tuesday, March 17, 2015
CONTACT: DWD Communications, 608-266-2722
On the Web: http://dwd.wisconsin.gov/dwd/news.htm
On Facebook: http://www.facebook.com/WIWorkforce
On Twitter: @WIWorkforce
BLS Data: Wisconsin's 12-Month Unemployment Rate Decline by a Full Point to 5.0% is Considered 'Significant' in January 2015 State-By-State Report
State's rate, lowest since August 2008, also significantly below national rate of 5.7%
MADISON – The year-over-year decline in Wisconsin's unemployment rate by a full point to 5.0 percent is statistically significant, and the state's gain of 11,600 manufacturing jobs over the year was eighth best in the country and its rate of growth 12th highest, according to today's release of U.S. Bureau of Labor Statistics (BLS) state-by-state employment and unemployment estimates.
Other statistically significant data points include the difference between the state's 5.0% unemployment rate and compared to the national rate of 5.7%, and the state's creation of 43,300 total jobs over the year. In addition, the state's addition of 9,300 construction jobs over the year was eight best in the country and its rate of growth 11th best.
"Wisconsin's unemployment rate is the lowest it has been in over seven years and is well below the national rate as our state moves forward under the leadership of Governor Walker," Department of Workforce Development (DWD) Secretary Reggie Newson said. "These are the kinds of indicators that build confidence, both among employers to expand and add jobs and among job seekers to redouble efforts to find new, good-paying careers."
Highlights of today's BLS release of monthly employment and unemployment estimates for all states include:
- Wisconsin's unemployment rate decline to 5.0 percent from 6.0 percent in January 2014 was statistically significant, and the January 2015 rate was lower than the national rate of 5.7 percent.
- Wisconsin added 11,600 manufacturing jobs from January 2014 to January 2015, ranking 4th in the Midwest and 8th in the country in manufacturing job creation and 4th in the Midwest and 12th in the country in manufacturing job growth.
- Wisconsin added 9,300 construction jobs from January 2014 to January 2015, ranking 4th in the Midwest and 8th in the country in construction job growth and 3rd in the Midwest and 11th in the country in construction job creation.
- Wisconsin's 12-month addition of 43,300 total jobs was statistically significant.
- Wisconsin ranked 5th in the Midwest and 23rd in the country in the number of private sector jobs gained year-over-year.
Other indicators that help illustrate the state of Wisconsin’s economy include:
- Average Initial Unemployment Insurance (UI) claims for the first 10 weeks of 2015 dropped to the lowest point since 1995, and the annual average weekly continued UI claims are at their lowest levels since 2000.
- Department of Financial Institutions new business formation: the number of new business entities formed in Wisconsin in the first two months of 2015 grew by 4.2% compared to same period in 2014. As of February 28, 2015, new business filings totaled 7,071, compared to 6,787 in same period in 2014.
- The Manpower Employment Outlook Survey gives Wisconsin the 3rd best outlook in the US for the next quarter.
The BLS' full state-by-state estimates for January 2015 are available online.