The Wisconsin Department of Revenue’s (DOR’s) latest economic forecast finds that personal income grew at an annual rate of 4.9% in the second quarter of 2024, slightly below the national rate of 5.3%.
The DOR expects nominal personal income to grow by 5.2% in 2024, driven primarily by a 6% increase in wages and salaries, a 5.9% rise in supplements to wages and salaries, and a 5.1% gain in personal transfer payments.
The forecast expects Wisconsin employment to grow by 0.9% in 2024. Wisconsin’s unemployment rate was 2.9% in the second and third quarters of 2024, slightly more than a full percentage point below the U.S. rate of 4% and 4.2%, respectively. See the report.