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The area economy experienced a good deal of job growth during the past
year. Central Wisconsin
employment expanded from 132.8 to 136.1 thousand over the past twelve months, a
gain of 2.5 percent. Industrial sector employment growth was paced by
manufacturing. Employment in this important and relatively high paying sector
rose from 32.7 to 34.2 thousand. Overall, there are nearly 127,000 people
employed in our industrial sectors. Key sector employment was also a bright spot
for the region. On the down side, unemployment rates in Central Wisconsin rose
dramatically due to huge increases in the civilian labor force over the past
year. The labor force was reported to have grown by 9000 or 6.3 percent since
September 1991. The labor force grew by 3300 or 9.4 percent in Portage County,
3600 or 9.0 percent in Wood County, and 2100 or 3.2 percent in Marathon County
when compared to third quarter 1991.
Unemployment statistics for
Central Wisconsin
are presented in Table 2. The unemployment rates in all
three counties were sharply higher than a year ago. This was especially true in
Portage
and Wood Counties. However, it should be noted, that huge increases in the
civilian labor force totaling 6900 were reported in Portage and Wood Counties
alone over the past twelve months. Thus, even though employment grew by 1300,
1100, and 900 in Portage, Wood, and Marathon Counties, it was impossible for the
local economies to absorb such large increases in the local labor forces.
Table 3 depicts the previously mentioned employment
situation. In Portage
County employment expanded from 33.6 to 34.9 thousand over the year. Likewise,
Marathon County payrolls grew from 61.3 to 62.2 thousand, and
Wood
County
employment increased from 37.9 to 39.0 thousand from September 1991. In sum,
Central Wisconsin employment expanded by 3300 positions or by a respectable 2.5
percent. The state continued to add impressive numbers of people to its payroll
roster. Here we see that employment grew by 4.9 percent. In contrast the total
number of jobs in the U.S. grew by a scant 0.5 percent over the past year.
Industrial sector employment in Table 4 shows that
manufacturing, services, and government sectors increased by 1500, 300, and 100
respectively. It is gratifying to see that the relatively higher paying
manufacturing sector expanded by such a decent amount. On the other hand, trade
was slightly off the mark established last year, falling by about 200 positions.
Earlier in the year construction employment was forecasted to contract when
major construction projects reached or were near completion. This has now
occurred and employment in this category dropped by 800.
The foundation of
Central Wisconsin economy lies in our exporting industries. As shown in
Table 5, employment in almost all key industries was above
last year's levels. Only finance, insurance, and real estate was lower than 1991
by 300 positions. Paper products, lumber and wood products, and food processing
were higher by 100, 600, and 300 jobs respectively. Thus on a net basis, key
sector employment has expanded by 700, rising from 30.9 to 31.6 thousand over
the course of the year. This represents a 2.3 percent increase in these very
important employment classifications.
Business confidence in the region is gauged by responses to a quarterly survey
by a pan of regional industry leaders (Table 6). This
group tells us that recent economic changes at the national level have been
mildly positive. However, they expressed somewhat less optimism than last
quarter. When asked about future economic prospects of the nation, the local
area, and their particular industries, they were mildly upbeat. But once again
the enthusiasm was less strong than last quarter. Likewise, national surveys
indicate that consumer confidence, continuing its downward trend, is souring the
assessment of the nation's direction.
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