Madison’s unemployment rate ranks 2nd lowest nationally 

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.