The Wausau area economy expanded at a modest pace during Third Quarter. Total employment increased by 1.2 percent and non‑farm payrolls climbed by a respectable, although not spectacular, 2.4 percent. The unemployment rate continues to tumble ever lower. This strongly suggests that labor markets are becoming increasingly more tight for qualified workers. 

     Retailers are very upbeat concerning sales and store traffic and expect a better than average Christmas selling season. Help wanted advertising remains elevated for the local area labor market. Unemployment data reveals there has been an increase in the number of claims compared to last year. Construction of residential structures was relatively flat when all factors are considered. However, financial statistics for the Wausau area were much above the reported activity levels of a year ago. As is usually the case, the economic indicators present us with mixed signals with regard to the rate of economic development. 

     Marathon county non‑farm employment expanded 1.4 thousand since last September (Table 7). This gain represents a 2.4 percent change in area payrolls. Manufacturing jobs increased by 500, trade by 800 positions, and construction added 400 people. In an unusual reversal of fortune, the services sector is estimated to have lost 100 jobs. Government employment, as is usually the case, was little changed from a year ago falling by about 200. Thus, in sum, Marathon county non‑farm employment has now reached nearly 60.0 thousand jobs during the Third Quarter. 

     The CWERB panel of local merchants is exuberant about sales and store traffic during Third Quarter 1995 (Table 8). This group was equally upbeat in.‑ their assessment of matters during June. When asked to forecast the Christmas selling season this group believes store traffic and sales will be stronger than last year. Even the most casual observer of the economy is aware of the tremendous explosion of retail related activities in the greater Wausau area. 

     Help wanted advertising remains strong in the local area (Table 9). The reading of 182 means there are nearly two jobs being advertised for every one job in 1980. Consistent economic growth over the past ten years in our area and the state have caused the index to elevate and the unemployment rate to sink. The need for qualified workers has been gradually intensified by the very long economic expansion. 

     Public assistance claims on a monthly average basis fell from 21 to 16, or 23.8 percent. The total caseload, likewise, declined sharply from 76 to 53, or 33.3 percent. The data in Table 10 are collected on a county‑wide basis and serve as another measure of local economic conditions. In contrast to these numbers, however, unemployment claim data rose for new requests 235 to 301 and total claims jumped by 25.1 percent over last year's situation (Table 11). 

     Residential construction figures are given in Table 12. The number of housing units bounded upward this period and this result can be attributed to a large apartment building project in Wausau. The rest of this quarter's results are much more modest. The number of permits issued rose by just 3.4 percent and the estimated value of new homes increased by 9.4 percent. The number of residential alteration permits issued declined by 9.4 percent and their estimated value by 17.1 percent. Thus, except for the apartment project mentioned earlier activity was relatively flat in the area. 

     Nonresidential construction activity is very volatile thus no percentage changes are given (Table 13). The number of permits reached 18 with an estimated value of $2.0 million. Further, there were 45 business alteration permits and their value was estimated at $2.4 million. Investment in physical capital is critically important for an area's economy because it represents expansion in a basic component of job creation. Steady incremental increases in physical capital means that employers are doing well and are upgrading or adding to their production capabilities. 

     Financial statistics for the area grew dramatically since last year (Table 14). Accumulated bank deposits rose from $1.09 billion to $1.22 billion, or by 11.8 percent. Lending by area financial institutions climbed from $908.9 million to $1.04 billion, or 14.8 percent over the past twelve months. Only a growing vibrant economy could produce the magnitude of change witnessed this quarter. A less than robust economy would not be able to generate such results.