FOR IMMEDIATE RELEASE
Tuesday, January 23, 2018
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 Ranks in Top 5 Nationally for Decline in Year-Over-Year Unemployment Rate
Wisconsin's also had the nation's fifth-highest labor force participation rate in December
MADISON – Today, Department of Workforce Development (DWD) Secretary Ray Allen released the following statement on the state by state rankings released by the Bureau of Labor Statistics (BLS) showing that Wisconsin's unemployment rate decline to 3 percent in December 2017 from 4.1 percent in December 2016 ranked 5th nationally, and Wisconsin labor force participation rate for December 2017 also ranked 5th nationally:
"Wisconsin outperformed the vast majority of states in both its labor force participation rate and its 12-month decline in unemployment rate, which reached an historic low of 3 percent in December, tying the lowest state unemployment rate on record," Secretary Allen said. "While this is great news, we need to get more people working in Wisconsin, both those already here in our communities and those who we attract through our state's aggressive talent recruitment marketing strategies."
Highlights of today's release include:
- Wisconsin ranked 13th highest nationally in year-over-year in number of private sector jobs added
- Wisconsin's year over year growth of 11,500 manufacturing jobs ranked 4th nationally and 2nd in the Midwest
- Wisconsin's unemployment rate of 3 percent ranks 8th lowest nationally
- The year-over-year and month-over-month change in Wisconsin's unemployment rate both rank 5th best nationally
- Wisconsin's labor force participation rate of 68.9 percent ranks 5th highest nationally
- Wisconsin's unemployment rate of 3 percent is significantly lower than the national rate of 4.1 percent, as defined by BLS
- Wisconsin's addition of 40,200 total non-farm jobs from December 2016 to December 2017 was statistically significant, as defined by BLS
Other indicators of the state of Wisconsin's economy include:
- Initial UI claims ended 2017 at their lowest level in the last 30 years.
- Continuing unemployment claims ended 2017 at their lowest level since 1973.
- Moody's Investors Service has upgraded the states credit rating, noting that "(T)he stable outlook reflects the expectation that the state will experience moderate economic growth and will continue its prudent fiscal management practices."