The national economic statistics of third quarter 1993 are presented in Table 1. Real Gross Domestic Product (GDP) grew at a better than expected 4.1 percent from third quarter 1992. The annualized growth rate for real GDP was 2.8 percent during the July‑September time frame. The Industrial Production Index, a measure of activity in our nation's factories, rose by almost 2.0 percent. This says that economic activity, while not brisk, is still moving forward at a moderate rate. Treasury bill rates have trended upward over the course of the year rising from 2.73 to 2.90 percent signaling some tightening in the short‑term credit markets. Inflation measured by the Consumer Price Index rose by a very modest 2.7 percent from a year ago. Thus, inflationary pressure seems to be weak at this juncture in time. During the July‑September time period, in particular, inflation was very much under control. It appears that international competition and slack in the domestic economy are keeping price level increases in check. 

     Unemployment rates in the area plunged from last year's levels, which may have been overstated in the first place due to estimation problems. In general, the unemployment rates in the three counties for September were hovering around 3.5 percent. Once again it can be reported that the region and state had lower unemployment rates than the nation as a whole. 

     With regard to the total employment picture, the region expanded its payrolls by a very healthy 3.3 percent. The majority of the reported gains were in Portage County, which added 3000 people to local payrolls. Marathon County also participated in the expansion by growing nearly 2.0 percent, while Wood County employment expanded by about 1.0 percent over the year. Lastly, the region outpaced the state over the past twelve months in terms of job growth. 

     Industrial sector employment growth was consistently good across all categories of employment, the only exception being government employment. Services employment continues to grow and become an even more dominant component of our regional economy. Manufacturing employment, which has contracted in many areas of the country over the past several decades, continues to grow and expand in our region. Trade employment is growing even more rapidly and is reflected in the development boom in area shopping facilities. Construction added nearly 30 percent more people to its payrolls over the year, again reflecting the building taking place in our region. 

     Key industries added nearly 1500 positions or 5.1 percent to local payrolls. All sectors in these categories, except for paper products, grew by very respectable rates. This bodes well for the regional economy because these industries serve as our export base to the rest of the state, country, and world, and bring revenue into our region. 

     Further, regional business leaders feel that the local economy is unchanged from a year ago, which may not be that bad considering that the economy in our region has been more than holding its own when compared to the rest of the nation. This group is also reasonably optimist when it comes to forecasting the prospects for its own industries in the months ahead once again providing a positive outlook for the region. 

     The Wausau area economic indicators were all positive during third quarter 1993. The unemployment rate for Marathon County fell dramatically over the course of the year and industrial sector employment rose by about 4.5 percent in a year over comparison. Financial statistics and local family financial distress measures were also much improved when compared to third quarter 1992.