State sees largest job loss in 69 years; unemployment highest since 1986

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Wisconsin lost a record number of jobs during the year ending in January and the state’s unemployment rate jumped almost two full percentage points to 7.6 percent, the highest for a January since 1986.

The state lost almost 73,000 jobs over the preceding 12 months – the largest year-to-year loss in the 69 years the state has kept track of it.

“The jump in Wisconsin’s unemployment rate underscores the economic challenges we face,” said Roberta Gassman, DWD secretary.

David Ward of NorthStar Economics in Madison says he’s surprised at how fast the downturn has snowballed. He said employers react a lot faster to economic conditions today than they did in the 1980s.

Education and health services were the only parts of the private sector not to lose jobs over the last year. Government added 900 people, for gain of 0.2 percent.

As of last week, Wisconsin already had the same number of applications for jobless benefits this year, as it did through the first week of April in 2008.

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