February unemployment rate in Wisconsin ties record low
MADISON, Wis. (WMTV) - Preliminary figures from Wisconsin’s unemployment rate last month tied with the state’s all-time low, according to the Department of Workforce Development.
The DWD released February data Thursday, which indicate the unemployment rate dropped a tenth of a point from the previous month and reached 2.9%.
The February unemployment rate is tied with previous records set in January, February and March of 2018, as well as March of 2020.
According to DWD Secretary-designee Amy Pechacek, the low unemployment rate is in addition to 20,7000 private sector jobs being added in Wisconsin from January to February and 18,600 more nonfarm jobs. Pechacek noted though that these numbers could change over the course of the year.
“These numbers show that Wisconsin’s economy is growing as it continues to recover from the COVID-19 pandemic, but with global unrest threatening markets, job number fluctuations could be more common in the coming months as companies navigate changing supply lines and continued economic uncertainties,” Pechacek said.
The DWD stated Wisconsin’s labor force participation rate for February was unchanged at just over 66%, but that’s still over 4 percent points higher than the national rate.
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