Wisconsin Employment in July: Cooling

Preliminary NFP depend is down 6.5K (on 3 million), unemployment charge up 0.1 ppts.

Determine 1: Nonfarm payroll employment (blue, left scale), early benchmark (pink, left scale), each in 000’s, s.a., and unemployment charge, % (black, proper scale). Supply: BLS, DWD, and Philadelphia Fed.

The drop in NFP is about 1.5 normal deviations from imply progress over this era. This slowdown in employment progress is on show throughout many states (Wells Fargo).

How does these figures match into the general financial image for Wisconsin? I present NFP and civilian employment in Determine 2 beneath.

Determine 2: Wisconsin Nonfarm Payroll Employment (darkish blue), Philadelphia Fed early benchmark measure of NFP (pink), Civilian Employment (tan), actual wages and salaries deflated by nationwide chained CPI (sky blue), GDP (purple), coincident index (inexperienced), all in logs 2021M11=0. Supply: BLS, BEA, Philadelphia Fed [1], [2], and writer’s calculations.