Wisconsin unemployment drops to record low numbers in February

Published: Mar. 23, 2023 at 5:10 PM CDT
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MADISON, Wis. (WSAW) - The Department of Workforce Development released the U.S. Bureau of Labor Statistics preliminary employment estimates for the month of February 2023, which showed Wisconsin’s seasonally adjusted unemployment rate dropped to a record low of 2.7%.

In addition, total seasonally adjusted nonfarm jobs increased by 7,500 in February and 50,300 year-over-year to hit a new record high of 2,997,400. The total jobs number puts the state at 3,400 jobs above pre-COVID-19 peaks.

“Wisconsin is hard at work and February’s record low unemployment rate of 2.7% demonstrates the importance of workforce development efforts to equip job seekers with in-demand skills,” said DWD Secretary-designee Amy Pechacek. “Gov. Tony Evers’ 2023-25 proposed biennial budget aims to build on this momentum by removing employment barriers, advancing regional solutions, and encouraging career growth in health care and green careers. Through paid family and medical leave, the governor’s budget also will make Wisconsin more competitive when it comes to attracting and retaining talent.”

Wisconsin’s record-low unemployment rate of 2.7% for February is down 0.2 percentage points from January and beats the previous record low of 2.8% set in January-April of last year. The state’s labor force participation rate of 64.5% in February was unchanged from January. The U.S. unemployment rate was 3.6% with a labor force participation rate of 62.5% for the month.

In a report by CBS News, the country’s growing inflation is a factor from the declining unemployment rate. Many economists have suggested the country would need to see an unemployment rate of around 6% for inflation rates to decrease.

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