BLS Data: Statewide Unemployment Rate Holds at Record-Low 2.4% in May

MADISON – The Department of Workforce Development (DWD) today released the U.S. Bureau of Labor Statistics (BLS) preliminary employment estimates for the month of May 2023, which showed Wisconsin’s seasonally adjusted unemployment rate stayed at the record-low rate of 2.4%.

The total labor force grew by 14,400 and employment increased by 14,100 over the month of May. Additionally, the state’s total labor force participation rate grew to 65.1% during that time. Total seasonally adjusted nonfarm jobs decreased by 6,400 over the month and increased by 41,200 year-over-year. Private-sector jobs decreased by 7,000 in May and increased by 29,900 over the year.

Nationwide for the month of May, the U.S. unemployment rate was 3.7%, 1.3 percentage points above Wisconsin’s rate, and the national labor force participation rate of 62.6% was 2.5 percentage points below the state rate.

• Place of Residence Data: Wisconsin’s unemployment rate stayed at 2.4% for May, and the number of unemployed people reflected an increase by 300 over the month and a decrease of 14,900 over the year to 73,300. The labor force gained 14,400 workers over the month for a total labor force of 3,099,500. The number of people employed grew by 14,100 over the month of May for a total of 3,026,200 people employed.
• Place of Work Data: Total jobs increased by 41,200 over the year and decreased by 6,400 over the month to 2,995,500 total jobs in May. Private sector jobs increased by 29,900 over the year and decreased by 7,000 over the month to 2,592,300. Construction jobs grew by 4,900 over the year and 300 over the month.

“Wisconsin’s labor force grew by 14,400 workers over the month and helped our state’s labor force participation rate grow, even as the national labor force participation rate was unchanged in May,” DWD Secretary-designee Amy Pechacek said. “In Wisconsin, workers are returning to the workforce encouraged by the opportunities that are available, and at the DWD we will continue doing everything we can to equip career seekers with in-demand skills and help remove employment barriers so our state’s workforce and economy can thrive.”

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

View Labor Force PDF

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. It has not been verified for its accuracy or completeness.