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.