The unemployment rate is a way for the Bureau of Labor Statistics to measure the number of unemployed individuals within the state’s work force. While the term ‘jobless rate’ is tossed around in the media often, there is a reason why this percentage is held in such high regard. The higher the unemployment rate is, the more unemployment a state has and the less the economy will flourish. Employment allows individuals the potential to spend money at their leisure, which directly influences the economy.
The jobless rate is measured through a series of surveys conducted by the Bureau of Labor Statistics in order to calculate who is at least 16 years of age and actively seeking employment. Individuals who have temporary employment, part-time employment, have re-tired or abandoned the labor force are not calculated into this percentage. While the unemployment rate is calculated every month on a state level, it is also measured for the country as a whole. This way officials and economists can help assess economic trends and determine whether the area is in a recession and how it will influences the affected area’s unemployment insurance program.
Wisconsin Unemployment Resources
What is the unemployment rate in Wisconsin?
What is the unemployment rate in Wisconsin? As of May 2017, the unemployment rate in Wisconsin reached its second-lowest on record at 3.1 percent. This is the lowest that the jobless rate in Wisconsin has been since July 1999. Also, the unemployment rate in Wisconsin is significantly lower than the national average of 4.3 percent. As of last month, the number of individuals entering the labor force was up to 8,000 with the total number of unemployed workers in Wisconsin listed at 96,000, which is the lowest it has been since February of 2000. The unemployment rate in Wisconsin has been directly affected from the strides made within the job market.
For those still struggling with unemployment however, there are options. For example, unemployment insurance benefits are offered in Wisconsin for individuals who need temporary wage assistance between employment. Qualified individuals who meet the Wisconsin unemployment benefit requirements can begin the application process.