On the national level, real GDP grew by an impressive 3.6 percent in a year over comparison. Further, evidence of the strengthening situation can be seen in the 5.0 percent increase in industrial production in our nation's factories. Treasury bill rates edged up from 2.96 to 3.50 percent reflecting a tightening of short term credit conditions. Meanwhile, inflation remained subdued as the Consumer Price Index rose by just 2.5 percent over the past twelve months.
 

     Unemployment rates in the region were generally higher than those of a year ago, except in Portage County where the rate actually fell by 0.2 points. The hard winter of 1994 surely impacted the results for Central Wisconsin. Because the overall unemployment rate for the region remained almost unchanged from last year at 6.6 percent. In contrast, the national unemployment rate fell from 7.3 to 7.1 percent.

     Employment in the three county area, for all intents and purposes, remained unchanged at 134.7 thousand. However, individually, Portage and Marathon Counties managed to post modest gains of 300 and 400 positions respectively. Wisconsin, meanwhile, added 3.6 percent to its payrolls, and employment in the nation rose by 2.9 percent. Clearly, the region fell off the pace of the broader reporting areas.

     Better performance for the Central Wisconsin area was registered in industrial sector employment activity. Our industrial sectors expanded by approximately 2.2 percent. Service, trade, and government payrolls helped the region add 2700 net jobs. Only manufacturing and construction were lower than the year before. Presently there are 125,110 people employed in these industrial sectors.

     Key employment industries showed little growth over the past 12 months. As a whole this group of industries added approximately 1.4 percent to payrolls, but all the gain was accounted for by the finance, insurance, and real estate sector. Paper products, and food processing were lower by 100 each and lumber and wood products remain unchanged at 5.6 thousand. 

     Business leaders remain confident in their assessment of the national and local economies. This group is also optimistic concerning the future direction of the national, and regional economies, as well as that of their particular industries.

      The Marshfield‑Wood County economy was affected by the severe winter weather of early 1994. Many outside activities were curtailed by the 30 degree below zero readings. Several important employers reportedly cut back on or temporarily halted production because of this situation. With the national economy slated to expand for the remainder of this year, and with an improvement in the weather, it is expected that a rebound in the area economy will eventuate.