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BLS Data: Statewide Unemployment Rate Holds at Record-Low 2.4% in May [1]

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Date: 2023-07

Tony Evers, Governor

Amy Pechacek, Secretary-designee Department of Workforce Development

Secretary's Office

201 E. Washington Avenue

P.O. Box 7946

Madison, WI 53707-7946

[email protected] Telephone: (608) 266-3131

Fax: (608) 266-1784

Email: [email protected]

FOR IMMEDIATE RELEASE

June 15, 2023

CONTACT: DWD Communications

[email protected]

BLS Data: Statewide Unemployment Rate Holds at Record-Low 2.4% in May

MADISON – The Department of Workforce Development (DWD) today released the U.S. Bureau of Labor Statistics (BLS) preliminary employment estimates for the month of May 2023, which showed Wisconsin's seasonally adjusted unemployment rate stayed at the record-low rate of 2.4%.

The total labor force grew by 14,400 and employment increased by 14,100 over the month of May. Additionally, the state's total labor force participation rate grew to 65.1% during that time. Total seasonally adjusted nonfarm jobs decreased by 6,400 over the month and increased by 41,200 year-over-year. Private-sector jobs decreased by 7,000 in May and increased by 29,900 over the year.

Nationwide for the month of May, the U.S. unemployment rate was 3.7%, 1.3 percentage points above Wisconsin's rate, and the national labor force participation rate of 62.6% was 2.5 percentage points below the state rate.

Place of Residence Data: Wisconsin's unemployment rate stayed at 2.4% for May, and the number of unemployed people reflected an increase by 300 over the month and a decrease of 14,900 over the year to 73,300. The labor force gained 14,400 workers over the month for a total labor force of 3,099,500. The number of people employed grew by 14,100 over the month of May for a total of 3,026,200 people employed.

Wisconsin's unemployment rate stayed at 2.4% for May, and the number of unemployed people reflected an increase by 300 over the month and a decrease of 14,900 over the year to 73,300. The labor force gained 14,400 workers over the month for a total labor force of 3,099,500. The number of people employed grew by 14,100 over the month of May for a total of 3,026,200 people employed. Place of Work Data: Total jobs increased by 41,200 over the year and decreased by 6,400 over the month to 2,995,500 total jobs in May. Private sector jobs increased by 29,900 over the year and decreased by 7,000 over the month to 2,592,300. Construction jobs grew by 4,900 over the year and 300 over the month.

"Wisconsin's labor force grew by 14,400 workers over the month and helped our state's labor force participation rate grow, even as the national labor force participation rate was unchanged in May," DWD Secretary-designee Amy Pechacek said. "In Wisconsin, workers are returning to the workforce encouraged by the opportunities that are available, and at the DWD we will continue doing everything we can to equip career seekers with in-demand skills and help remove employment barriers so our state's workforce and economy can thrive."

Today's full report can be viewed on DWD's premier source for labor market information, WisConomy.com.

ABOUT DWD

Wisconsin's Department of Workforce Development efficiently delivers effective and inclusive services to meet Wisconsin's diverse workforce needs now and for the future. The department advocates for and invests in the protection and economic advancement of all Wisconsin workers, employers and job seekers through six divisions – Employment and Training, Vocational Rehabilitation, Unemployment Insurance, Equal Rights, Worker's Compensation and Administrative Services. To keep up with DWD announcements and information, sign up for news releases and follow us on Facebook, Twitter, LinkedIn and Instagram.

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[1] Url: https://dwd.wisconsin.gov/press/2023/230615-may-state.htm#:~:text=Place%20of%20Residence%20Data%3A%20Wisconsin's,total%20labor%20force%20of%203%2C099%2C500.

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