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
Friday, March 27, 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 from 5.8% to 4.8% is Considered 'Significant' in February 2015 State-By-State Report
State's one-month gain of total nonfarm jobs ranked sixth highest in the country in growth rate
MADISON – The year-over-year decline in Wisconsin's seasonally adjusted unemployment rate to 4.8 percent is statistically significant, and the state's gain of 14,900 total non-farm jobs over the month ranked sixth highest in the country in rate of growth, according to today's release of U.S. Bureau of Labor Statistics (BLS) state-by-state employment and unemployment estimates for February 2015.
Other statistically significant data points include the difference between the state's 4.8% unemployment rate as compared to the national rate of 5.5%, and the state's creation of 59,900 total jobs over the year. In addition, the state's addition of 11,600 manufacturing jobs over the year ranked 11th highest in the country in growth rate.
"Today's report provides one more indication that Wisconsin is making significant gains in job creation and employment growth," Department of Workforce Development (DWD) Secretary Reggie Newson said. "Employment in Wisconsin has reached an all-time high, unemployment is at its lowest point since July 2008, and we continue to add thousands of family-sustaining jobs month after month."
Highlights of today's BLS release of monthly employment and unemployment estimates for all states include:
- Wisconsin's unemployment rate decline to 4.8 percent from 5.8 percent in February 2014 was statistically significant, and the February 2015 rate was lower than the national rate of 5.5 percent.
- Wisconsin added 14,900 total non-farm jobs from January 2015 to February 2015, ranking first in the Midwest and 6th highest nationally in the rate of job growth.
- Wisconsin added 11,600 manufacturing jobs from February 2014 to February 2015, ranking 11th highest in the country in rate of manufacturing job growth out of 48 states included.
- Wisconsin's 12-month addition of 59,900 total non-farm jobs was statistically significant.
Other indicators that help illustrate the state of Wisconsin’s economy include:
- Average Initial Unemployment Insurance (UI) claims for the first 12 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 February 2015 are available online.