Latest DOR forecast shows Wisconsin’s wage, salary growth will slow 

The latest Department of Revenue (DOR) economic forecast has predicted that wage and salary growth in Wisconsin will slow this year and the next, according to WisBusiness.

The state’s wages and salaries are expected to rise 6.6% this year, as compared to 8.2% last year. In 2024, that number is only 3.6%. At the national level, wages and salaries grew 9.1% last year and are projected to see 6.5% and 4% growth this year and in 2024, respectively.

Nonfarm employment is projected to rise 1.5% this year and fall 0.2% in 2024. The expected job gains this year will be bolstered by education and health services, leisure and hospitality, state and local government, and manufacturing.

The report also projects nominal personal income growth to hit 4.8% this year and 3.7% in 2024; adjusted for inflation those numbers become 0.8% and 1.1%, respectively.

The full DOR report is available online.