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Over 40,000 private-sector jobs added from Nov. 2017 through November 2018
MADISON – The Wisconsin Department of Workforce Development (DWD) today released the U.S. Bureau of Labor Statistics (BLS) revisions for the month of October and preliminary estimates for the month of November. The data showed that Wisconsin added a statistically significant 9,900 private-sector job from October 2018 to November 2018. From November 2017 through November 2018, Wisconsin added 40,500 private-sector jobs, 19,000 manufacturing jobs and 8,400 construction jobs, all of which were deemed statistically significant by BLS. Wisconsin’s unemployment rate for November remained at 3 percent, a record 10th straight month that the rate has been at or below 3 percent.
In brief, seasonally adjusted estimates show:
- Place of Residence Data: Wisconsin’s preliminary seasonally adjusted unemployment rate in November remained unchanged at 3 percent, a record 10th straight month the rate has remained at or below 3 percent. Wisconsin’s unemployment rate is 0.7 percent lower than the national rate of 3.7 percent. Wisconsin’s labor force participation rate for the month of November stood at 68.2 percent, more than 5 percent higher than the national rate of 62.9 percent. If the national rates matched Wisconsin’s performance in these two measurements, more than 14 million more people would be employed in the U.S, according to DWD economists.
- Place of Work Data: From November 2017 to November 2018, Wisconsin added a statistically significant 40,500 private-sector jobs and a statistically significant 43,800 total non-farm jobs. Wisconsin also added a significant 19,000 manufacturing jobs and 8,400 construction jobs over the same time-period. From October 2018 to November 2018, Wisconsin added 9,900 private sector jobs and 10,600 total non-farm jobs. Both additions were deemed statistically significant by BLS.
“Wisconsin’s economy continued to demonstrate its success in November, adding nearly 10,000 private-sector jobs in a month and our unemployment rate remaining at or below 3 percent for a record 10th straight month,” DWD Secretary Ray Allen said. “Individuals who are looking to break into employment, or find a new career in one of Wisconsin’s many high-growth industry sectors, should take advantage of Wisconsin’s favorable labor market by visiting their local job center and speaking with an employment and training representative today.”
The BLS uses three data sets to measure employment and unemployment:
- Current Employment Statistics (CES): Compiled from a monthly survey sent to about 5,500 employers (3.5 percent of Wisconsin employers). CES data has been shown to be subject to significant revision.
- Local Area Unemployment Statistics (LAUS): Compiled from a monthly survey of 985 households and unemployment insurance claims. Measures the labor force, employment, unemployment, and the unemployment rate.
- Quarterly Census of Employment and Wages (QCEW): Compiled on a quarterly basis from Unemployment Insurance records from some 96 percent of Wisconsin business establishments. Considered by most economists to be the most accurate measure of jobs, the QCEW includes data from almost all employers in Wisconsin.
Other indicators of the strength of Wisconsin’s economy include:
- Initial UI claims ended 2017 at their lowest level in the last 30 years.
- Continuing unemployment claims ended 2017 at their lowest level since 1973.
- Moody’s Investor Service upgraded the state’s credit rating, noting that “(T)he stable outlook reflects the expectation that the state will experience moderate economic growth and will continue its prudent fiscal management practices.”
Today’s full report can be viewed on WisConomy.com.