Strong employment numbers could underscore beginning of rebound from Great Resignation – La Crosse Tribune

April 17, 2022
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The latest Wisconsin workforce data show positive growth in the state’s employment rate and labor force participation, which state officials say may be signs of potential recovery from the surge in resignations caused by the ongoing COVID-19 pandemic.
Winters
The Department of Workforce Development reported Thursday that Wisconsin’s unemployment rate for March dropped to 2.8%, according to preliminary estimates. DWD will update the state’s official unemployment rate for March next month, while February’s finalized rate came in at 2.9% — tied for the all-time low.
During the Axios live “The Pandemic Pivot: Small Business Recovery” event, Axios cities correspondent Kim Hart interviewed Madison Black Chamber of Commerce president Camille Carter. Carter responded to the recent McKinsey projection report showing that up to 34 percent of Wisconsin employer small businesses could close permanently through the first four months, including through July, due to the pandemic. “I think that we are really in alignment with those statistics and percentages,” Carter said and added that small business owners within her network are working to rebuild but a number have closed their doors. Carter also addressed the impact of the George Floyd protests on their business community. “This is a time for awakening on every level, so what we’re finding as a chamber is that we’re needing to depend on one another and become engaged.”
Watch the full program: https://wiseye.org/2020/07/01/axios-live-the-pandemic-pivot-small-business-recovery/
Subscribe to Morning Minute: https://wiseye.org/morning-minute/
#morningminute #wisconsineye #COVID19 #AxiosEvents
Officials also noted that the state had a record 3,056,200 people employed last month, according to preliminary data, which also underscores a strong overall economy. The news comes while many industries in the state continue to struggle with ongoing workforce shortage challenges.
“We’ve heard of the Great Resignation, but that is somewhat turning around,” DWD chief economist Dennis Winters said during a press briefing Thursday. “We’re getting a little bit of data in where the older workers, the baby boomers essentially, are coming back into the workforce. The causes of that are uncertain.”
Winters added that time will tell whether that workforce trend will continue.
“That will be a big determinant in the overall labor force participation rate, which will then be a big determinant in how critical the job quantities are,” he said.
Tony Evers vetoes elections and education bills, signs bill to replace embattled juvenile facility
State officials said March’s preliminary unemployment rate of 2.8% marks a record for the state, though previous estimates have reached that level as recently as December 2021, though that month’s rate was later revised to 3.1%.
The state’s finalized unemployment rate reached as low as 2.9% in February of this year, March 2020 and the months of January, February and March 2018.
Despite the positive growth, Winters said ongoing labor force challenges continue to put a damper on the economic growth in not just Wisconsin, but in national and global markets as well.
We just don’t have the personnel,” he said. “That’s why technology and training matched together is critical to bring it together to increase that productivity going forward so the economies can grow and the standard of living can grow. It’s not just Wisconsin: The lack of talent is global.”

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Winters
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