Labor Market Statistics
Table 4 Labor Market Indicators from LAUS and retrieved from WisConomy
Labor Force
Unemployment Rate
Employment
Labor Market Area
2022 Q1 (000)
% ∆ Yr. Ago
2022 Q1
2020 Q3 2022 Q1 (000)
% ∆ Yr. Ago
Portage County
38,879 14,221 75,350 34,478
0.79 0.73 1.50 -0.92 0.42 2.35
3.3 2.7 2.7 3.9 2.8 3.6
4.6 4.1 3.8 5.8 4.3
37,611 13,839 73,326 33,131
2.23 2.24 2.66 1.09 2.02 4.99
City of Stevens Point Marathon County
Wood County
Wisconsin
3,144,673
3,056,157
United States
164,409,000
6
158,458,000
Description: • Labor Force: Includes all people over the age 16 who are either working or actively looking for work. • Unemployment Rate: The number of unemployed as a percentage of the labor force. Analysis: • The numbers show a red hot labor market at the national, state, and regional levels. • With unemployment rate below 4.0%, the national economy is approaching full employment and we are seeing wage competition among employers trying to attract new workers. • The unemployment rate in Wisconsin is 2.8%! Anecdotes from local employers suggest that it is becoming increasingly difficult in finding new workers which is not surprising given the record low unemployment rate.
Table 5 Wisconsin Employment by Industry Sector from Payroll Employment Survey - CES and retrieved from WisConomy
Trade, Transport and Utilities
Nonfarm Jobs
Construction Jobs Manufacturing Natural Resources and Mining
Information Jobs
2022 Q1 (000) 2,927.90
% ∆ Yr. Ago
2022 Q1(000)
% ∆ Yr. Ago
2022 Q1(000)
% ∆ Yr. Ago
2022 Q1 (000)
% ∆ Yr. Ago
2022 Q1 (000)
% ∆ Yr. Ago
2022 Q1 (000)
% ∆ Yr. Ago
2.10 130.6 3.70 478.3 3.00
3.7
5.70 539.7 0.90 46.3 3.30
Education and Health
Leisure and Hospitality
Finance Jobs
Business Services
Other Services
Government
2022 Q1 (000) % ∆ Yr. Ago 154.1 -0.40% 321.4 1.50% 444.8 -2.20% 274.6 15.10% 143.8 1.20% 390.6 0.90% Description: • Employment data are classified using the North American Industry Classification System (NAICS). The above table categorizes data according to major industry sectors. Analysis: • The above table shows employment gains in most industry sectors over the last year. • Unsurprisingly, the greatest percentage increase in employment is in Leisure and Hospitality at 15.1%. The fall in the number and severity of COVID-19 cases account for the rebound in jobs in this sector. % ∆ Yr. Ago 2022 Q1 (000) % ∆ Yr. Ago 2022 Q1 (000) % ∆ Yr. Ago 2022 Q1 (000) % ∆ Yr. Ago 2022 Q1 (000) % ∆ Yr. Ago 2022 Q1 (000)
14
Center for Business and Economic Insight
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