Table 3 National Employment Indicators (First Quarter 2024) 2024 First Quarter
2023 First Quarter
Unemployment Rate
3.8
3.5
Labor Force Participation Rate Employment-Population Ratio
62.7 60.3
62.6 60.4
Description: • Unemployment Rate: The number of unemployed as a percentage of the labor force. • Labor Force Participation Rate: The percentage of the population that is either working or actively looking for work. • Employment-Population Ratio: The share of the total population that are employed. Analysis: • The unemployment rate at the national level has increased modestly over the last year from 3.5 to 3.8%. The unemployment rate has remained below 4% for over two years, the longest stretch of sub-4% unemployment since the late 1960s!. • The labor force participation rate has been steady over the last year but is still below the pre-pandemic rate of 63.3% in January 2020. Much of the decline is due to many in the 55 and older age group leaving the labor force since COVID. The LFPR for prime age workers between 25 and 54 years of age is at its the highest level since the early 2000s.
Central Wisconsin Report - Spring 2024
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