Job availability in the state is concerning University of Wisconsin students who will soon be members of the workforce. Regardless of interpretation, the economic picture is dramatically different than it was even three years ago.
Experts say college graduates will have a more difficult time finding work than they did in the recent past.
“Obviously, getting a job when I graduate is a major concern. Every time you turn on the news, they talk about how bad the economy is,” said UW freshman Sid Chopra.
Just how much Wisconsin mirrors the national situation is uncertain.
As the nation tries to shake off the recession of the last year and a half, Wisconsin’s employment statistics seem to indicate that the worst may not yet have passed. The state’s economists present a different picture, however, and believe that the recovery is underway.
Whether or not to trust the numbers is up to interpretation, but there is no denying that these numbers offer varying pictures.
The state’s seasonally adjusted unemployment rate for August was 5.2 percent, up four-tenths of a percentage point from July’s rate. The national rate was 5.7 percent, down two-tenths of a point from the July rate. The Department of Workforce Development cautions against placing too much stock in these statistics.
“All other indicators were approximately constant. I have a hard time reconciling the unemployment statistics with other indicators,” said Terry Ludeman, chief economist for the State of Wisconsin Department of Workforce Development.
Ludeman also cautioned against using the unemployment statistics as a strict interpretation of the general economic health of the state.
Ludeman estimates the state has been experiencing recession conditions for the past 18 to 20 months. However, he also suggested that these new numbers are not a result of the recession, but rather may not be terribly important.
In the past month, the size of the actual job market has increased, and most sectors have shown growth.
The services, trade and manufacturing sectors all displayed growth. Additionally, while jobs in mining and construction were down slightly, they are still at their highest ever for the month of August. These numbers specifically paint drastically pictures of the economic condition of the state.
“We hit the bottom of the trough in June or July,” said Ludeman, showing cautious optimism, and warning against jumping to conclusions based on the statistics. “We ought to wait a month or so, and re-evaluate the situation,” he continued.