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, April 21, 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 5.6% to 4.6% is Considered 'Significant' in March 2015 State-By-State Report
State's year-over-year private sector growth rate of 2% ranked third in the Midwest
MADISON – The year-over-year decline in Wisconsin's seasonally adjusted unemployment rate to 4.6 percent is statistically significant and the state's year-over-year private sector growth rate of 2 percent ranked third in the Midwest, according to today's release of U.S. Bureau of Labor Statistics' (BLS) state-by-state employment and unemployment estimates for March 2015.
Other statistically significant data points include the difference between the state's 4.6% unemployment rate as compared to the national rate of 5.5%, and the state's total employment rose by a significant 53,200 over the year. In addition, the state's creation of 8,600 manufacturing jobs over the year ranked 5th highest in the country.
"Even with tens of thousands of private sector jobs added year over year and a statistically significant drop in our unemployment rate, we must stay focused on efforts to ensure everyone who wants a job can find one," Department of Workforce Development (DWD) Secretary Reggie Newson said. "Our private sector job totals have surpassed pre-Recession levels, providing another indication that our economy is headed in the right direction."
Highlights of today's BLS release of monthly employment and unemployment estimates for all states include:
- Wisconsin's unemployment rate decline to 4.6 percent from 5.6 percent in March 2014 was statistically significant, and the March 2015 rate was lower than the national rate of 5.5 percent.
- Wisconsin added 48,200 private sector jobs from March 2014 to March 2015, ranking third in the Midwest for rate of job growth.
- Wisconsin added 8,600 manufacturing jobs from March 2014 to March 2015, ranking 5th highest in the country in number of manufacturing jobs created out of 48 states included.
- Wisconsin's 7.9 percent year-over year growth rate in construction ranked 10th in the nation and 5th in the Midwest leading to the addition of 8,000 construction jobs over the year.
- Wisconsin's 12-month employment gain of 53,200 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 15 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 three months of 2015 grew by 5.3% compared to same period in 2014. As of March 31, 2015, new business filings totaled 10,985, compared to 10,435 in same period in 2014.
- The Manpower Employment Outlook Survey gave Wisconsin the 3rd best outlook in the US for the second quarter.*
The BLS' full state-by-state estimates for March 2015 are available online.
* Updated 5/15