This past February, the unemployment rate in Wisconsin went below 3.0% to a record-breaking 2.9%. It is not surprising, since Wisconsin’s unemployment rate has been lower than the national average for the past 30 years. In February, the national average for unemployment was 4.1%.
The Department of Workforce Development in Wisconsin came out with a report this past Thursday talking about the astonishingly low unemployment rate. Another entity by the name of ManPowerGroup Inc. published an outlook survey showing that in the April-June quarter, there will be an increase of employers willing to hire. Wisconsin’s projected increase in job creation matches that of New Hampshire.
People who live in Wisconsin can testify to the fact that help wanted signs are very common sights to see. Sometimes, it seems that help wanted signs are everywhere.
Three-percent used to be Wisconsin’s lowest-recorded employment rate. Wisconsin had hit a 3.0% unemployment rate in 1999 as a result of an economic boom in America that was lead by the tech industry.
One must understand that there are certain things that are considered when calculating unemployment statistics. For example, the United States equally counts people in various employment situations as employed—regardless of being part-time, full-time, well-paid or underpaid. So, such statistics can give us a warped view of how conditions really are. For example, statistics may suggest that most people are prosperous and that jobs are plentiful when there are high employment rates. In reality, most people could be impoverished or living from paycheck to paycheck on small salaries. In reality, many jobs could be erratic and unstable.
The employment rate in February 2018 isn’t the only record-breaking statistic in Wisconsin history. In that same month, the Department of Workforce Development said that 3,068,200 people were employed—the most people ever employed in Wisconsin.