SUMMARY OF NOAH’S UPDATE AT WMC BUSINESS COALITION UPDATE CALL FROM WISBUSINESS.COM …
— The UW-Madison Center for Research on the Wisconsin Economy Director Noah Williams estimates the unemployment rate in Wisconsin was 22.7 percent on May 21.
This is based on day-by-day tracking done by CROWE. Its data also placed April’s unemployment rate at over 16 percent rather than 14.1 percent.
“We think our estimate is perhaps a little bit closer to the truth than the official one,” said Williams to a Wisconsin Manufacturers & Commerce audiei. “The monthly state estimates are known to have a significant amount of error, there’s a relatively small sample, so they have to fill it in with a model, the model is based on older data, and this is really just a time where measurements and models aren’t working very well.”
CROWE’s research also found that Wisconsin’s counties were hit differently by the pandemic and the shutdown with a strong correlation between poor economic conditions pre-pandemic and increases in unemployment during the pandemic.
Menominee County, the smallest and poorest county in the state, had a poverty rate of 26 percent to start the pandemic and has seen 30 percent of its labor force apply for unemployment during the pandemic, Williams said.
Watch Williams’ presentation: http://www.youtube.com/watch?v=ei7nfUE1J7o&feature=youtu.be