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The Wisconsin Department of Workforce Development (DWD) announced that the state's unemployment rate had dropped to a record low of 2.5% in March 2023, according to preliminary employment estimates released by the U.S. Bureau of Labor Statistics (BLS). The total number of unemployed people decreased by 6,400 over the month, hitting a new record low of 76,600, and the number of seasonally adjusted nonfarm jobs increased by 900 over the month, reaching a new record high of 2,997,900.
The record-low unemployment rate in Wisconsin for March is down 0.2 percentage points from February's rate of 2.7%, which was the previous record low. The state's labor force participation rate also increased by 0.1 percentage point over the month to 64.6%. In comparison, the national unemployment rate for March was 3.5%, with a labor force participation rate of 62.6%.
The place of residence data showed that the number of unemployed people in Wisconsin decreased by 6,400 over the month and 8,600 over the year to a new record low of 76,600. The labor force regained 4,600 workers over the month, and the number of employed people grew by 11,000 over the month of March for a total of 2,997,900 people employed.
The place of work data revealed that Wisconsin added 900 nonfarm jobs over the month, with gains of 3,200 service providing jobs. Private sector jobs increased 200 over the month of March and are up 32,500 over the year to a record high of 2,595,200. Construction and manufacturing jobs both declined for the month but remained up year over year.
DWD Secretary-designee Amy Pechacek praised Wisconsin's economic performance and called for continued efforts to remove employment barriers, invest in innovative solutions, and prepare the workforce for green jobs of the future. Pechacek highlighted Governor Tony Evers' unprecedented investment in the Workforce Solutions Initiative, which has connected Wisconsin residents with new jobs, new skills, and expanded career opportunities. However, to attract and retain the additional talent needed by employers, Pechacek called for tapping underutilized talent pools and adopting competitive approaches such as paid family and medical leave.
You can find the full report and statistics on the Department of Workforce Development website.
