CBEI Central Wisconsin Fall 2022 Report

Labor Market Statistics

Table 6 Labor Market Indicators from LAUS and retrieved from WisConomy

Labor Force

Unemployment Rate

Employment

Labor Market Area

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3

2021 Q3

2022 Q3 (x1000)

% ∆ Yr. Ago

Portage County

37.5 13.9 72.7 33.6

-3.0 -2.7 -2.2 -2.5 -0.7

3.0 3.5 2.7 3.4 3.2 3.5

2.6 2.8 2.3 3.3 3.4 4.7

36.4 13.4 70.7 32.5

-3.4 -3.4 -2.6 -2.7 -0.5

City of Stevens Point Marathon County

Wood County

Wisconsin

3,114

3,014

United States

164,689

2.0

158,936

3.3

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 above table shows a disturbing trend of a shrinking labor force in the Central Wisconsin region and the state of Wisconsin relative to a year ago. A smaller labor force can have negative implications for future growth. • The unemployment rates in Central Wisconsin are marginally higher than the historically low rates of a year ago. Unemployment rates for Wisconsin and our region are still lower than the national unemployment rate. • Given higher unemployment rates, it is no surprise that the level of employment has declined in Wisconsin and Central Wisconsin.

Table 7 Wisconsin Employment by Industry Sector from Payroll Employment Survey - CES and retrieved from WisConomy

Natural Resources and Mining

Trade, Transport and Utilities

Nonfarm Jobs

Construction Jobs Manufacturing

Information Jobs

2022 Q3 (x1000) 2,952.5

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

2.2

133.6 5.9

473.4

1.1

3.9

11.4 545.5

2.3

46.5

3.1

Education and Health

Leisure and Hospitality

Finance Jobs

Business Services

Other Services

Government

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

2022 Q3 (x1000)

% ∆ Yr. Ago

154.6

0.3 329.4

4.6 453.8 0.5

274.0 7.2

143.3 -0.1 394.5

0.2

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: • The above table shows employment gains in almost all industry sectors. • Employment in the Leisure and Hospitality sector increase by 7.2% over the third quarter of 2021.

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Center for Business and Economic Insight

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