According to the Capital Times, federal data released Wednesday ranks the Madison area’s unemployment rate as the second lowest in the country. March data gathered in a survey of households by the U.S. Bureau of Labor Statistics shows only 1.7% of the Madison metropolitan area’s workforce is unemployed and actively looking, down 2.3% from last year.
The metropolitan area including Milwaukee, West Allis, and Waukesha also saw a drop, coming in at 2.5% as compared to last year’s 3.2%. The area has not seen a lower rate in 25 years.
Statewide, the seasonally adjusted unemployment rate has fallen to 2.5%, with 75,800 Wisconsinites currently jobless and looking. The national rate currently sits at 3.5% and has remained nearly unchanged since early 2022, although the rate is still near the lowest in 50 years.
Wages have risen 5% over the past year and 4.7% over the one before; however, accounting for inflation, the average worker’s weekly pay is 1.6% less in real dollars than a year ago. Still, recent employment data indicates that in some respects, the economy remains strong.
