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Unemployment rates in the region continued on a downward path.
Table 2 shows a
sharp decline in all reporting areas. Unemployment in
Portage and Marathon counties stood at 3.3 percent during third
quarter 1988. The unemployment rate in Wood County
also decreased. County and regional rates have not been this low since the
1970s. The same holds true for the state and nation. Thus, the dramatic
improvement in the unemployment rate continues to be a source of accomplishment.
Employment numbers for the region are given in Table 3. Job creation has been
uneven in Central Wisconsin for the past
several quarters. For example, Marathon added nearly 4,000 people to its payrolls for a
gain of 7.0 percent. However, in
Portage
and Wood counties percentage gains were somewhat smaller. Complicating the
analysis is the fact that many residents commute out of their county of
residence to work. Thus, a better gauge of economic performance may be the
regional totals. Central Wisconsin posted a
very respectable gain of 5,500 or 4.4 percent. The 129,200 figure for the region
is at an all time high, regardless of the time of year.
Central Wisconsin employment
change by sector is displayed in Table 4. For the first time in several
quarters, manufacturing employment did not play the leading role in job
creation. This coincides with the national picture where manufacturing was weak
during September and October. Trade and Services dominated the scene by
providing employment for 600 and 700 more people respectively. Government
numbers this quarter are probably inflated due to the timing of the re-entry of
teachers into the ranks of the employed in
Portage
County. When this factor
is taken into consideration, nonfarm payrolls in the region showed a moderate
gain.
Key sector employment in Table 5 indicates that the paper products, and lumber
and wood products industries expanded at moderate rates. However, food
processing employment was down by 300 positions. The summer drought is the most
likely explanation. Moreover, the finance, insurance and real estate sector of
the regional economy registered a decrease of 200 positions from a year ago. The
stock market crash, and a softer housing market contributed to this decrease. To
summarize, key sector employment was virtually unchanged from last year. Given
the importance of these industries, some reason for concern exists.
The
business confidence index in Table 6 indicates that regional business executives
feel that national and local conditions have improved moderately. However, when
asked about the expected change in the national economy, the consensus opinion
became somewhat pessimistic. The trade and budget deficits loom as major
concerns. No change was foreseen in local and industry conditions. This is
interpreted to mean that modest growth is expected during the next six months in
Central Wisconsin.
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