Wisconsin’s Economic Outlook entering the New Year

During the final days of 2017, the Office of Governor Scott Walker released year-end figures from the Department of Workforce Development (DWD), which highlighted the considerable gains in employment that were achieved in Wisconsin throughout the previous year.

Historically high employment was coupled with a 30-year low in unemployment claims. With businesses around the state showing their eagerness to bring in new hires, the Walker administration will continue to make worker training initiatives a top priority in 2018.

The following table from the U.S. Bureau of Labor Statistics provides a breakdown of Wisconsin’s workforce trends:

 

December 2016

November 2017

Progress

EMPLOYMENT UP

Number of Employed Individuals

2,988,100

3,065,700

+77,600

Total Labor Force

3,114,900

3,168,100

+53,200

Number of Private Sector Jobs

2,516,100

2,556,200

+40,100

Labor Force Participation Rate

68.0%

68.9%

+0.9 % points

Number of Total (non‐farm) Jobs

2,934,300

2,974,400

+40,100

Number of Manufacturing Jobs

468,400

483,100

+14,700

UNEMPLOYMENT DOWN

Unemployment Rate

4.1%

3.2%

‐0.9 % points

Number of Unemployed Individuals

126,800

102,400

‐24,400

 

In addition to Walker’s press release, Wisconsin Department of Revenue (DOR) Chief Economist John Koskinen’s “Wisconsin’s Economy Today” web series has underlined many of the key areas of progress in recent years. Koskinen utilizes several metrics to emphasize Wisconsin’s favorable business climate (compared to neighboring states), increasing corporate investment, and substantial employment growth in almost every sector and every county of the state (as of May 2017, 70 of 72 Wisconsin counties were at full employment – possessing an unemployment rate of 4 percent or lower). In aggregate, these growth indicators have led analysts like Koskinen to note that Wisconsin’s economy is in its strongest position in the last 18 to 20 years. Koskinen’s web series can be viewed here.

 Wisconsin Employment Outlook - 2010 to 2017.PNG

18 South, State Capitol, P.O. Box 7882, Madison, WI 53707-7882  

  Sen.Stroebel@legis.wisconsin.gov  (608) 266-7513, (800) 662-1227