Table 3 National Employment Indicators (Third Quarter) 2023 Third Quarter
2024 Third Quarter
Unemployment Rate
3.8
4.2
Labor Force Participation Rate Employment-Population Ratio
62.8 60.4
62.7 60.2
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: • For the third quarter of this year, the average unemployment rate was 4.2%, showing a continued cooling of the labor market from historic lows. • The labor force participation rate of 62.7 % has been remarkably steady since the beginning of 2023 after rebounding following the sharp drop from the pandemic. It is still below the 63.3% rate from January 2020 before the pandemic. This is largely due to the decline in labor participation rate of those 55 years old and older. The labor force participation rate of prime age working population (25-54 yrs.) is higher today at 83.5% than the pre-pandemic reading of 83.0%.
Central Wisconsin Report - Fall 2024
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