BLS Data: State Labor Force Participation Rate Holds Steady in October
MADISON, Wis. (WISCONSIN DEPARTMENT OF WORKFORCE DEVELOPMENT PRESS RELEASE) - The Department of Workforce Development (DWD) today released the U.S. Bureau of Labor Statistics (BLS) data showing Wisconsin’s unemployment rate was 3.2% last month, up slightly from 3.1% in September and 0.7% below the national rate of 3.9% in October. The state’s total labor force participation rate held steady at 65.8%, 3.1% higher than the national labor force participation rate of 62.7%.
Wisconsin’s total non-farm jobs remained at a near-record high at 3,013,900 in October, even with a decrease by 1,400 from September. This is 32,800 more jobs than October 2022.
- Place of Residence Data: Wisconsin’s unemployment rate was 3.2% in October, up from 3.1% in September and mirroring the 0.1% increase in the national unemployment rate, which was 3.9% in October compared to 3.8% the previous month. The number of unemployed people increased 5,400 over the month and increased by 8,500 over the year to 102,000, still remaining around record lows. The labor force gained 3,600 workers over the month for a total of 3,142,100 workers. The number of people employed decreased by 1,800 over the month for a total of 3,040,100 employed.
- Place of Work Data: Total jobs increased by 32,800 over the year and decreased 1,400 over the month to 3,013,900 total jobs in October. Private sector jobs increased by 24,500 over the year and decreased by 2,800 over the month to 2,607,600. Health care and social assistance jobs grew by 13,600 over the year. Construction jobs decreased by 900 over the month and increased by 1,500 over the year.
“With the supply of Wisconsin workers increasing slightly over the month, the state’s long-term economic picture remains one of expansion, with total jobs hovering around record highs and state unemployment still low compared to the national rate,” DWD Secretary Amy Pechacek said. “Initial and weekly unemployment claims remain around record lows. Our state’s labor force participation rate held steady even as the national rate decreased. On balance, Wisconsin’s labor market economy is robust heading into the final months of 2023.”
Today’s full report can be viewed on DWD’s premier source for labor market information, WisConomy.com.
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