As 2024 wound down,
we received a decent November jobs report for Wisconsin.
Preliminary employment estimates for November 2024 showed Wisconsin's seasonally adjusted unemployment rate remained at 2.9%, which is 1.3 percentage points below the national unemployment rate of 4.2%. The state's labor force participation rate increased to 65.8% in November while the national rate ticked down to 62.5%.
• Place of Residence Data: Wisconsin's unemployment rate was 2.9% in November, 1.3 percentage points below the national rate of 4.2%. Wisconsin's labor force increased by 7,200 over the month and 14,700 over the year. The number of people employed increased 6,000 over the month to a record-high 3,073,900 employed.
• Place of Work Data: Total nonfarm jobs increased 300 over the month and 23,400 over the year to 3,043,500 jobs.
Yes, November had that small increase in jobs overall, but it’s worrisome to see that private sector jobs dropped by 2,100, chiefly due to manufacturing losing 3,200 jobs for that month.
The household survey had better news, with the labor force and the number of Wisconsinites employed increasing. However, not all of the 7,300 new entrants to the work force found jobs, just 6,000, so the number of people unemployed also went up by a bit. But as you can see here, Wisconsin has had great numbers in the household survey for the last 8 months.
We've had 9 straight months of Wisconsin’s unemployment rate being under 3%, and it's down 0.5% from where it was this time last year. That's in marked constrast to what we've seen over the last 12 months for the US as a whole and every other Midwest state, who have seen unemployment go up.
Wisconsin's job market remains in a great place as the Biden Administration comes to an end. Like a lot of other things, let’s check back this time next year and see if that’s continued under Donald Trump. I am quite skeptical that it will.
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