The national economy continued to expand over the course of the year, Table 1. Real Gross Domestic Product growth is forecasted, however, to slow over the remainder of the year because higher interest rates, taxes, and energy prices will serve to put a brake on the recovery. Industrial production leaped upwards by 5.8 percent as our nation's factories continue to hum along. Interest rates are 115 basis points higher than a year ago reflecting a general tightening of conditions by the Federal Reserve system and increased demand for loans. Meanwhile, inflation appears to be subdued, growing at a rate of 2.8 percent over the past year. 

     Unemployment rates across the region, state, and nation were lower than last year's marks. Wisconsin continues to have a lower unemployment rate than the nation. Even the US seasonally unadjusted rate is continuing to trend downward. At the time of this report, it appears that all major sections of the country are now expanding. However, a few pockets of economic distress still remain. 

     Total employment across all reporting areas is higher than a year ago. Central Wisconsin employment rose from 136.1 to 139.3 thousand over the past year, a growth rate of 2.4 percent. Marathon County added 2000 positions to lead the expansion. Wisconsin matched the US by posting a job generation figure of 3.9 percent from last year. This mark of nearly 4.0 percent underscores the vitality of the state economy. 

     Industrial sector employment growth in the Central Wisconsin region was approximately 2.4 percent or 3000 jobs. Once again service sector increases led area payroll expansion rising from 43.9 to 46.0 thousand. The trade sector also expanded from 28.8 to 29.6 thousand. Manufacturing and construction activity were lower by 0.6 and 7.5 percent respectively. A slow down in residential construction throughout the area is evident in the employment figures for construction. 

     Employment growth in key Central Wisconsin industries was uneven. Two sectors, finance, insurance, and real estate; and lumber and wood products expanded by 5.6 and 1.6 percent. But, paper products and food processing declined by 1.0 and 4.2 percent respectively. Thus, even though employment in these industries rose from 30.1 to 30.4 thousand, the net increase represents a scant 1.0 percent rise in these important sectors. 

     Business executives tell the CWERB that recent changes in national and local economic conditions have been positive in nature. Moreover, the panel believes that national, local, and industry conditions will strengthen moderately as the year progresses. 

     The Marshfield‑Wood County economy grew modestly over the past twelve months. Almost all measures of economic performance were positive. Total employment expanded by about 1000 in Wood County or 0.3 percent and the seasonally unadjusted unemployment rate fell to 4.8 percent. A Better performance category for the region was the growth in industrial sector employment which expanded by approximately 2.0 percent from last year.