In July, the number of jobs in Wisconsin slightly decreased, but overall employment increased, according to the state labor department’s latest report.
The unemployment rate in Wisconsin held steady at 3% for July, with the number of employed people reaching a record high of 3.049 million.
While the number of jobs in the state dropped a bit in July compared to June, it is still higher than last year. The department noted that these changes were not significant statistically.
Employment and job numbers are based on surveys from the federal government. Employment figures come from a survey of households asking if people are working or looking for work, while job numbers come from a survey of employers about their payrolls.
The job survey showed a decrease of 6,500 nonfarm jobs in July compared to June, but there are still 25,700 more jobs than in July 2023. Private sector jobs dropped by 8,500 from June but are up by 17,900 from a year ago.
Dennis Winters, the state’s chief economist, mentioned that while job creation and economic growth are slowing, the situation is still positive overall. He noted that another federal jobs report will be released in early September, which might lead to a reduction in interest rates if the economy continues to slow down.
Employers are still facing challenges in finding both the quantity and quality of workers but remain optimistic. They are considering adding jobs and investing more in their businesses. The main issue for employers is finding enough employees rather than a drop in consumer demand.
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