Percent Change in CPI and CPI Less Food and Energy from One Year Ago October 2023 – September 2025 (Sources: U.S. Bureau of Labor Statistics, Federal Reserve Economic Database)
While the initial impacts of tariffs have rippled through the economy, the ultimate effect of tariffs on consumer prices, costs to businesses, the labor market, and economic growth, remains to be seen. The Labor Market The U.S. unemployment rate increased to 4.3% in August, up from 4.0% at the start of the year. The labor market was softening and different worker groups faced varying challenges in the current job market. In 2025, those challenges have increased, with unemployment rates increasing for most worker groups. In October, according to outplacement firm Challenger, Gray & Christmas, employers cut 153,074 jobs, which was the worst October the economy has seen since 2003. Tech companies led the way in job cuts, and major employers that announced workforce reductions included Microsoft, Amazon, and UPS. Labor Market Trends – Young Men and Young Women The graph below shows the overall unemployment rate (red line), the unemployment rate of young men aged 20-24 years (blue line), and the unemployment rate of young women aged 20-24 years (green line) between January 2019 and August 2025.
Unemployment Rate: Overall, Young Men aged 20-24 yrs., Young Women aged 20-24 yrs. January 2019 – August 2025 (Sources: Bureau of Labor Statistics via Federal Reserve Economic Database)
Central Wisconsin Report - Fall 2025
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