Labor Market Statistics
Table 6 Labor Market Indicators from LAUS and retrieved from WisConomy (First Quarter 2024)
Labor Force
Unemployment Rate
Employment
Labor Market Area
2024 Q1 (x1000)
% ∆ Yr. Ago
2024 Q1
2023 Q1
2024 Q1 (x1000)
% ∆ Yr. Ago
Portage County
38.2 14.0 72.9 33.4
0.5 1.0
3.4 3.3 3.2 4.1 3.0 3.8
3.1 2.5 2.7 3.7 2.6 3.5
36.9 13.6 70.6 32.0
0.2 0.2
City of Stevens Point Marathon County
-0.1 -0.6
-0.6 -1.0
Wood County
Wisconsin
3,140
0.8 0.7
3,047
0.4 0.4
United States
167,895
161,466
Description: • Labor Force: Includes all people over the age 16 who are either working or actively looking for work (in thousands).
• Unemployment Rate: The number of unemployed as a percentage of the labor force. • Employment: Includes all people over age 16 who are working (in thousands). Analysis:
• The numbers indicate a softening of the labor market as unemployment rates at all levels have increased modestly over the last year. The unemployment rates still are at historically low levels and the labor market remains relatively tight. • Note that the unemployment rates for Wisconsin and designated counties are lower than the national unemployment rate which has been the case since 2010.
Table 7 Wisconsin Employment by Industry Sector from Payroll Employment Survey - CES and retrieved from WisConomy (First Quarter 2024)
Natural Resources and Mining
Trade, Transport and Utilities
Nonfarm Jobs
Construction Jobs Manufacturing
Information Jobs
2024 Q1 (x1000) 3,034.4
% ∆ Yr. Ago
2024 Q1 (x1000)
% ∆ Yr. Ago
2024 Q1 (x1000)
% ∆ Yr. Ago
2024 Q1 (x1000)
% ∆ Yr. Ago
2024 Q1 (x1000)
% ∆ Yr. Ago
2024 Q1 (x1000)
% ∆ Yr. Ago
0.8 143.9 5.3 478.7 -0.6
4.0
5.3 553.4 -0.2 47.8
1.1
Education and Health
Leisure and Hospitality
Finance Jobs
Business Services
Other Services
Government
2024 Q1 (x1000) % ∆ Yr. Ago 159.2 -0.3 325.5 -1.8 477.9 1.9 286.2 1.9 146.8 1.4 411.0 2.1 Description: • Employment data are classified using the North American Industry Classification System (NAICS). The above table categorizes data according to major industry sectors (in thousands). Analysis: % ∆ Yr. Ago 2024 Q1 (x1000) % ∆ Yr. Ago 2024 Q1 (x1000) % ∆ Yr. Ago 2024 Q1 (x1000) % ∆ Yr. Ago 2024 Q1 (x1000) % ∆ Yr. Ago 2024 Q1 (x1000) • The 0.8% increase in total nonfarm jobs in Wisconsin since Q1 2023 shows slowing job growth in the state. • The construction and natural resources & mining sectors, however, both showed a 5.3% growth in jobs. • Manufacturing, finance, business services and the trade, transport, & utilities sectors all experienced modest declines in employment.
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Center for Business and Economic Insight
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