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The local area
economy grew during second quarter 1995. However, signs of an
economic slowing are evident. Three of the five categories of
sectoral employment expanded from last June. Further, the
unemployment rate rose but only because the labor force grew
more rapidly than employment. Local merchants reported to the
CWERB that economic matters are just slightly better than a year
ago. The help wanted advertising Index fell from last year's
manic but still remains at a relatively high level. Initial
unemployment claims dropped somewhat, but total claims rose.
Residential constriction and nonresidential constriction
activity was generally lower than a year ago.
Wood
County
employment expanded in three of five Industrial employment
categories (Table 7). Services added 1,013
jobs, manufacturing 52, and trade just 15 persons. Construction
was down by 142 positions and the government sector was lower by
72. The Marshfield employment index rose from 150.4 to 156 or
3.7 percent in the year over comparison. The index suggests that
employment increased by approximately 3.7 percent from last
year.
Local
merchant's optimism concerning the retail scene is presented in
Table 8. Total sales and traffic were said
to be modestly better than one year ago. Further, local
retailers forecast that store traffic and sales will improve
over the next quarter albeit by a very small amount. Although
sentiments are still above neutral, the optimism levels
expressed by the panel have been trending steadily downward on
all four questions since approximately early 1994.
Help wanted
advertising is a key barometer of local labor market conditions
(Table 9).
The June index level of 231 Indicates there are 2.3
advertisements for each one in 1980. However, the index is some
65 points lower than last June's 296 mark. This means that while
labor demand is high it is not as strong as it was a year ago.
Thus, local and outside employers an: still hiring but not at
the rate of a year ago.
Data for
Table 10, Public Assistance, is not
available. A change over to a computerized system in
Madison has delayed the release of the data. As soon as it becomes
available on a regular basis it will once again be included in
the report.
New
unemployment claims data on a weekly average basis contracted
from 39 to 34, or 12.8 percent
(Table
11).
Moreover, and in contrast, the number of total claims rose from
87 to 99, or 13.8 percent. From a historic point of view total
claims have been trending steadily downward since early 1992.
This trend means an overall improvement in economic condition
over the time period.
Residential
construction in Table 12 presents
somewhat of a mixed picture. Even though the sample is not all
inclusive in terms of including all outlying areas it is
nonetheless a good barometer of area economic conditions. The
number of Residential permits issued was lower by 13.3 percent,
the number of housing units was off last years pace by 30
percent, and the estimated value of alteration activity was down
by 14.6 percent. On the upside, the estimated value of new homes
constructed was higher by 8.9 percent and the number of
alteration permits issued rose slightly by 1.2 percent.
Nonresidential
activity is presented without percentage change due to the
volatility of capital investment
(Table
13).
The number of permits issued was 15 with an estimated value of
$660 thousand. The number of business alteration permits was 27
and their estimated value was reported at $530 thousand. The
numbers in Table 13 represent the capital investment being made
by both the private and public sector.
Financial
statistics for the area are given to the reader in
Table 14. Please note that due to mergers
and the continuing consolidation of the financial services
industry the data are presented without percentage changes. To
do so at this juncture would be inappropriate. After the merger
scenario plays itself out, which it eventually will, a new
baseline can be established which will allow for meaningful
comparisons. For now though only the amount of deposits, $536
million, and the amount of bank loans, $445 million, can be
reported.
Clark
County
economic statistics are presented in Table 15
and Table 16. Highlights of the data are:
manufacturing employment is up by 8.3 percent, the unemployment
rate fell from 7.1 to 6.2 percent, and the total number of
people employed increased from 15,786 to 16,528 or nearly 5
percent from a year ago. |
