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A summary of the economic
indicators for our region is as follows. The unemployment rates were
significantly below those of a year ago. Total employment was higher in
almost all the reporting areas, and the rates of employment change were very
impressive. Nonfarm employment grew almost in all categories--the exception
being manufacturing and government payrolls. Retail sales activity was mixed
with some counties experiencing more sales growth than others. Lastly, the
survey of regional business leaders suggests that the local economy will grow
more rapidly in the months ahead when compared to a last year's performance.
Unemployment rates were
significantly lower for all reporting areas (Table 2). The unemployment rates for
Marathon, Portage, and Wood counties stood
at 3.3, 4.0, and 4.9 percent respectively. The unemployment rate for the
state was 4.2 percent and for the nation 5.1 percent. In both cases, the
aforementioned rates represent significant declines from the previous year's
marks. In sum, there has been a marked improvement in the unemployment
situation which reflects an improving economic situation.
Employment figures are given in
Table 3. Portage and Marathon experienced good amounts of growth in their
payrolls, 1.8 and 2.2 percent respectively. In contrast, Wood county payrolls
were at about the same level as a year ago. Wisconsin and the United States
employment figures climbed, 1.7 and 1.2 percent respectively when compared to
last year. Finally, the number of people employed in Central Wisconsin
expanded from 152.1 to 154.4 thousand, or about 1.5 percent from a year ago.
Lastly, employment growth in most geographic areas appears to be
accelerating.
Employment figures based on a
government survey of employers is given in Table 4. Total nonfarm employment
is estimated to have risen from 149.0 to 151.0 thousand or about 1.3 percent
from December 2003. Good news comes from the manufacturing sector where the
decline in employment appears to have leveled off. The only other sector to
register a decline was the government sector. All other sectors in Central
Wisconsin were reported to have made nice gains in their payroll levels.
County sales tax collections are a
barometer or a gauge of economic activity (Table 5). Portage
County's sales tax collections are estimated to have declined slightly from
$1.17 to $1.13 million over the year or about 3.5 percent. In
Marathon
County, sales tax collection rose from $2.58 to $2.70 million or about 5
percent. Wood County had no sales tax in place
as of fourth quarter 2003, thus no comparison can be made with the 2004
collection.
The business confidence index in
Table 6 shows that recent changes at the national and local level were judged
in a positive light by the survey groups. It seems that they were
particularly pleased with the recent changes at the national level. The
survey group also felt that economic matters would improve locally and their
particular industry should show a marked amount of sales growth in the
quarters ahead. The response for the industry question was encouraging
because it has strong implications for job and income growth in our area.
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