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The economic indicators for
central Wisconsin were as follows: the unemployment rates were generally lower
than a year ago; total employment contracted in Marathon and Wood counties;
nonfarm employment which is based on an employer survey showed a small
increase in area payrolls; retail activity has appeared to cool off in the
region; and lastly, a lower degree of optimism concerning economic conditions
is now being express by business people.
Unemployment rates were lower
in all reporting areas (Table 2). The unemployment rates
in Portage, Marathon, and Wood counties were 5.6, 5.0, and 7.1 percent
respectively. The labor force weighted unemployment rate for central Wisconsin
declined from 6.0 to 5.5 percent. Similarly, rates declined at the national
and state levels. Wisconsin's rate fell to 5.5 percent and the U.S. rate
dropped to 5.4 percent.
Total employment is given in
Table 3. The only local area to experience an increase
in employment was Portage County. Portage added about 2.4 percent to its
payrolls. For one of the few times in the past 20 years Marathon and Wood
Counties are estimated to have experienced declining employment, 4.7 and 2.4
percent respectively. This gave rise to an overall decline of 2.3 percent in
the central Wisconsin employment level. Wisconsin, as well, is thought to have
declined by about 0.3 percent in terms of its employment.
Nonfarm industrial sector
employment is given in Table 4 and points to a somewhat
brighter picture for central Wisconsin. Total nonfarm employment rose from
144.4 to 146.2 thousand over the course of the year. Every sector, except for
leisure and hospitality, registered employment gains. Even the beleaguered
manufacturing sector managed to generate a small gain of 0.7 percent.
An important measure of central
Wisconsin retail activity is given in Table 5. County
sales tax collections fell from $1,096 to $1,045 thousand in Portage County.
Likewise, Marathon County sales tax collections declined from $2,531 to $2,487
thousand from a year ago. These figures suggest that we have hit a soft spot
in retail activity for these counties. Perhaps, springtime will generate
better numbers for merchants.
The CWERB survey of regional
businesses shows a fair degree of optimism being expressed for the national
economy but not as much optimism for the local economic situation (Table
6). While the group gives a modestly upbeat assessment of future
conditions, it is clear that this group felt more optimistic about the economy
in the December 2004 time frame. |
