|
The results for the Marshfield‑Wood County area
economy for first quarter 1994 are as follows. The seasonally unadjusted
unemployment rate for
Wood County rose by half a point to 6.7 percent. Total employment in the county
is estimated to have fallen by 900 over the course of the year. The unusually
severe winter undoubtedly played a major role in this outcome. However, better
news comes in the form of industrial sector employment data where a gain of 510
or 1.3 percent was registered. Moreover, employment in
Marshfield
is estimated to have risen by approximately 0.6 percent. Local merchants are
very optimistic about sales and store traffic, and help wanted advertising is
well above last year's level. Local family financial distress increased as
public assistance and unemployment claim data rose in the year over comparison.
Residential construction was higher than in first quarter 1993 while
nonresidential activity was generally lower. Lastly, our sample of local
financial institutions suggests a solid increase in bank deposits and lending
activity.
Wood County industrial sector
employment expanded by a net 510 positions or 1.3 percent in a year over
comparison (Table 7). Specifically, payrolls for the
services, construction, and government sectors were 590, 20, and 100 higher than
a year ago. However, the manufacturing and trade sectors declined by 100 each.
For Marshfield, the CWERB estimates that employment increased by 0.6 percent.
Table 8 presents results
from the CWERB's retailer confidence survey for first quarter 1994. This panel
of local merchants holds the opinion that store traffic and sales were higher
than one year ago, but they are not quite as optimistic as they were in
December. We asked them to forecast retail conditions three months from now
compared to last year and found they were very optimistic and confident. This
group was more upbeat in their assessment of the future than in December.
Confidence about the future among this sample has been increasing since the
early part of 1991.
The help wanted advertising index for
Marshfield is displayed in
Table 9. During first quarter 1994 a jump of 27 points or
nearly 20 percent was recorded for the index. Since early 1992 this barometer of
local labor market conditions has been trending upward. The 165 mark for first
quarter 1994 indicates there are currently 1.65 jobs being advertised for every
one job advertised in 1980. Also, the
U.S.
index is gaining momentum signaling an improvement in national employment
possibilities.
Local family financial distress
increased in degree from first quarter 1993. New public assistance claims on a
monthly average basis rose ever so slightly from 50 to 52 or 4.0 percent from
last year (Table
10). Meanwhile,
total public assistance claims rose by 114, that is from 803 to 917 which
represents a 14 percent climb. Furthermore, unemployment claims data tells us a
similar story. New unemployment claims on a weekly average basis rose by 32, a
change of 33 percent from last year
(Table 11).
Also, total unemployment claims were higher, rising by 24 or 12 percent.
Residential construction
results are given in Table 12. The number of residential
permits issued was unchanged from a year ago at 5. However, the estimated value
of new homes, the number of housing units, and the number of residential
alteration permits issued were 50, 20, and 3 percent higher respectively than
last year. The only category to register a lower level of performance than the
previous year was the estimated value of residential alterations, down by 14.5
percent.
Nonresidential construction data for the
Marshfield area are presented
in
Table 13. No percentage changes are given because of the
volatile nature of the series. There was one permit issued for new
nonresidential construction with an estimated value of $402.7 thousand. In
addition, there were 10 applications for business alteration permits with an
estimated value of $1.1 million.
Good news is presented in
Table 14 with regard to area financial statistics. Bank deposits jumped by
nearly $18 million or 8.1 percent in a year over comparison. Perhaps
difficulties on Wall Street have caused area investors to shift funds back into
local deposits. Equally impressive in magnitude was the 8.6 percent surge in
bank lending, up by $15 million from last year. This lending activity signals
more economic stimulus in the months ahead because these dollars will eventually
be spent on goods and services.
Table 15
and Table 16 are presented so that area businesses can
track the Clark County economy. Clark County is an important market for area
businesses hence the inclusion of the data. |
