U.S. Labor Statistics Show WI Unemployment Decrease
WISCONSINREPORT.COM (09/24/2014) [WORKFORCE] – The Department of Workforce Development (DWD) says the U.S. Bureau of Labor Statistics’ (BLS) estimates of unemployment and employment statistics for metro areas, major cities and counties in the state of Wisconsin indicates an Unemployment Decrease in Wisconsin Metro Areas.
The estimates include revisions for July 2014 and preliminary estimates for August 2014.
In brief, the estimates showed:
Metropolitan Statistical Areas: Preliminary August unemployment rates (not seasonally adjusted) decreased in all 12 metro areas compared to July rates. The August rates decreased in all metro areas by a full percentage point or more compared to August 2013 rates. The August rates ranged from 3.6 percent in metro Madison to 6.7 percent in metro Racine.
– Municipalities: Preliminary August rates decreased in all of Wisconsin’s 32 largest municipalities compared to rates in July. The August rates also decreased in all 32 municipalities compared to August 2013 rates, dropping by nearly 2 percentage points or more in eight municipalities, including Beloit and Milwaukee. The latest August rates ranged from 2.8 percent in Caledonia to 9.6 percent in Racine.
– Counties: August rates decreased in all 72 Wisconsin counties compared to rates in July. They decreased in all but Burnett County, which had no change, compared to August 2013 rates. The August rates ranged from 3.4 percent in Pierce to 15.3 percent in Menominee.
The release of the August 2014 local, metro and county estimates follows last week’s release of BLS estimates showing Wisconsin’s preliminary unemployment rate for the month was 5.6 percent.
– Wisconsin’s unemployment rate declined over a full percentage point between August 2013 and August 2014, from 6.7 percent to 5.6 percent, its lowest level since October 2008, below the national rate of 6.1 percent and the 17th lowest rate in the nation, below rates in Illinois, Indiana, Michigan and Ohio.
– Wisconsin’s 12-month gain in total nonfarm jobs ranked 21st highest in the country, ahead of Iowa, Illinois, Michigan, Minnesota and Ohio.
– Wisconsin’s rate of year-over-year manufacturing job growth ranked 16th highest in the country, ahead of Iowa, Illinois and Ohio.
Other indicators that help illustrate the state of Wisconsin’s economy include:
– According to monthly estimates, Wisconsin has created 114,900 private sector jobs since December 2010.
– Initial weekly Unemployment Insurance (UI) claims for the first 36 weeks of 2014 dropped to the lowest point since 2000, and the annual average weekly UI claims are at their lowest levels since 2000.
– According to the most recent personal income report, Wisconsin’s 2013 per capita personal income growth was seventh highest in the nation.
– Department of Financial Institutions new business formation: up 5.5 percent during the first eight months of 2014 compared to the same period in 2013.
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% of Wisconsin employers). CES data has been shown to be subject to substantial revision.
– Local Area Unemployment Statistics (LAUS): compiled from a monthly survey of 1,450 households. 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% 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.
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