|
The Marshfield‑Wood County economy experienced an increase in the
unemployment rate during the year. However, the 5.3 percent
seasonally unadjusted rate is still low when compared to
historic norms. The increase in the unemployment rate results
from a fast growing labor force rather than a lack of job
creation. Job growth was good with total employment rising 1100
positions or 2.8 percent.
Industrial sector employment growth, in contrast, was a scant .33 percent
above the year before. Thus, a pause in this important measure
took place. Retailers believe that conditions were modestly
better in 4th quarter with more improvement likely next quarter.
Help wanted advertising rebounded from last year and indicates
that more jobs are now being advertised than in 1991.
Unemployment claim data were much improved over last year's
marks and residential construction was quite robust. Bank
lending slowed during 4th quarter, but local deposits fell
behind the year earlier total.
Table 7 presents
Wood County
nonfarm sector employment by category. Manufacturing,
construction, and government payrolls added 100, 110, and 100
positions respectively over the course of the year. In contrast,
services and trade were off the pace established last year by 70
and 100. In sum, the categories listed in Table 7 added
approximately 140 positions or an increase of .33 percent. The
CWERB Marshfield Employment Index contracted by a scant 1.5
percent. This, along with other data presented in Table 7
suggests that employment was generally stable during the past
year.
Local merchants tell the CWERB that store traffic and sales compared to
last year at the same time were slightly higher (Table
8). However, the readings for December were noticeably lower
than those recorded in September. With regard to the future,
this panel is more optimistic and expects store traffic and
sales to be much better in the quarter ahead. Positive news
concerning the national economy is probably playing a role in
their forecast of future events.
Table 9 displays this quarter's results for help
wanted advertising. Advertising for jobs rose 42 points from
last year. This increase represents a 32 percent gain in this
type of activity. The 171 reading means that 1.7 positions are
being currently advertised for every one opening listed in 1980.
The national help wanted advertising index gained for the first
time in some while by posting a mark of 94 for November.
Table 10 presents the public assistance claim data
for
Marshfield. This measure of local family financial distress
shows that new applications on a monthly average basis fell from
79 to 40, a 49 percent contraction. This is a welcome
development for the area. Total caseload, in contrast rose from
662 to 775, an increase of 17 percent over the year.
Table 11 presents good news for the local area.
Initial unemployment claims on a weekly average basis dropped
from 90 to 65, a decline of 25 percent. Likewise, total
unemployment claims fell even more dramatically, declining from
242 to 162, a contraction of 33.1 percent. This measure of local
family distress is clearly sending a positive signal.
Residential construction was very strong during 4th quarter 1992. Every
category except for the estimated value of residential
alterations was well above the corresponding 1991 figure (Table
12). Residential permits issued, the estimated value of new
residential construction, the number of housing units, and the n
residential alteration permits issued were 72, 120, 125, and 24
percent above last year Residential construction is important to
monitor because people have to feel confide their economic
prospects before committing to such a large purchase.
Nonresidential construction in Table 13
is presented without percentage changes this type of investment
tends to be very volatile from quarter to quarter. The number o
issued for new nonresidential construction was 10 and the
estimated value was $773.7 Further, during 4th quarter 18
business alteration permits were issued with an estimated $741.8
thousand, reflecting a significant degree of activity.
Table 14 presents local area financial
statistics. Bank deposits in the area mad contraction this
quarter falling to $208.9 million as compared to $228.6 million
in 1991. Just as on the national level, many local
investors may be switching their funds from CD's into mutual
funds in order to earn higher rates of return. With regard to
bank lending, activity jumped million or about 19 percent from a
year ago. This is a positive sign for the local economy it means
that businesses and households are becoming more active in their
spending behavior.
Table 15 and Table 16
present economic and labor force data for Clark County. Clark is
an important market area for Marshfield area businesses, hence
the presentation of the Major highlights for Clark County
include a decline in the unemployment rate to 5.6 percent, an
increase of 2.4 percent in the number of people employed. |
