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The Central Wisconsin economy during fourth quarter 1990 showed signs of
cooling. For example, total employment in the region declined by about 800
positions from a year ago. However, other indicators of the economy's health
were more positive in nature. Industrial sector employment expanded by 2300 jobs
or 2.0 percent from December 1989. Service, trade, and construction employment
were all higher with only government payrolls showing any decline. Further, our
key Central Wisconsin industries also added jobs to the tune of 300 or 1.1
percent from last year. Finally, unemployment rates were generally lower in the
Central Wisconsin area.
In sum, the three county region appears to still be holding its own economically
even though it is believed that we are now beginning to see the effects of the
national slowdown. Although the impact on Central Wisconsin seems mild so far,
only time will tell the true extent to which our economy will be affected.
After a sharp upward movement in county unemployment rates for the month of
November, December's reported figures are generally lower in Central Wisconsin
than one year ago, Table 2. Portage and Wood Counties saw
their unemployment rates drop to 4.3 percent and 3.9 percent respectively. Only
Marathon County experienced an increase going from 4.1 percent to 4.3 percent
from fourth quarter 1989. Perhaps a more important aspect than the individual
county performances is the Central Wisconsin weighted average unemployment rate.
Good news for the region is that the unemployment rate dipped to 4.2 percent
from last year's 4.4 percent mark. In contrast Wisconsin and the United States
experienced increases in their respective unemployment rates.
Some of the good news reported in Table 2 is mitigated by the employment changes
presented in Table 3. Total employment for Portage and
Wood Counties declined by approximately 500 and 600 jobs respectively. Only
Marathon County managed to squeeze out an increase of 300. Overall the region's
total employment figures declined by approximately 800 positions for a 0.6
percent contraction. These numbers suggest that some softening has taken place
in our regional economy.
Good news for the region comes from the industrial employment figures
(Table 4). Employment in these categories is approximately
2300 above fourth quarter 1989 in the three county area bringing the total to
118.1 thousand. This represents a decent 2.0 percent increase in payrolls.
Services account for the lion's share of employment growth with 2,000 jobs being
created. Construction and trade were the only other sectors to post gains over
last year's totals with increases of 300 and 200 respectively. Manufacturing
activity held constant from a year ago with 29.7 thousand people employed. Only
government experienced a slight dip in employment.
Nearly one out of every four people in our three county region is employed in
one of the industries listed in Table 5. These industrial
classifications are the focal point of our area economy and thus deserve close
monitoring. The results for fourth quarter are especially pleasing given the
troubles nationally. Paper products, food processing, and finance, insurance,
and real estate all registered positive results. Only lumber and wood products
experienced any difficulty in increasing its employment level. But even here the
dip was slight. Overall, the key industries of our region gained 300 more jobs
or approximately 1.1 percent.
An important gauge of local and national conditions is the Business Confidence
Index presented in Table 6. Our panel of regional business
leaders believes that nationally the economy has declined and that locally
matters are somewhat softer than a year ago. When asked about the future, the
consensus was that national and local economic conditions will soften. However,
when asked about the subject with which they are most familiar, their own
industries, these executives do not expect any significant changes when compared
with recent activity. |
