The national economy continued to grow during the last three months of 1992. For the past seven quarters real gross domestic product growth has been positive. For the latest quarter the rate of expansion accelerated to 2.9 percent giving many analysts greater hope that the recovery is sustainable. The nation's factories were busier than during fourth quarter 1991. Production rose, according to the Federal Reserve, by a healthy 2.9 percent. Interest rate levels, as proxied by the three month U.S. Treasury bill rate have fallen from 3.91 to 3.38 percent since the previous year at the same time. Given this circumstance, there must be a great deal of slack in the country's financial markets. Inflation remains under control; the consumer price index rose by only 2.9 percent in 1992. This is the second lowest inflation rate for the U.S. over the past twenty-seven years, only 1986 was lower.

     Seasonally unadjusted unemployment rates in the area are generally higher than the year before, but still remain at acceptably low levels by most standards of appraisal. Specifically, all three counties of Central Wisconsin posted somewhat higher rates of unemployment than at the same time in 1992. The labor force weighted average for the region, however, was still just 5.7 percent. The state rate was a very low 4.3 percent, but the nation as a whole registered a 7.0 percent unemployment rate.

     Employment rose in each and every county in the area. Wood County gained the most in terms of percentage and raw numbers. Central Wisconsin, altogether, added an additional 2400 jobs, lifting total employment from 134.8 to 137.2 thousand over the twelve month period. This represents a decent increase of 1.8 percent. Wisconsin grew even faster posting an employment growth rate of 4.3 percent. Once again the nation lagged behind in employment with a growth rate of just 1.3 percent since December 1991.

     Central Wisconsin's industrial sector employment has remained at a constant 126.4 thousand since 4th quarter 1991. Manufacturing and government payrolls have now reached 32.3 and 17.1 thousand for growth rates of 4.9 and 0.6 percent respectively. The winding down of several large construction projects in the region caused employment in this category to decline by 19.6 percent. Service and trade were also lower by 0.9 and 0.6 percent.

     Key industry employment in Central Wisconsin rose from 29.0 to 29.6 thousand over the course of the year, a growth rate of 2.1 percent. This good news comes primarily from the paper and wood products industries. Paper products expanded by 6.1 percent and lumber and wood by 5.8 percent. In contrast, food processing and finance, insurance, and real estate did not do as well. There employment levels fell by 1.9 and 2.3 percent compared to December 1991.
 

     The Marshfield area economy managed to hold its own in the 4th quarter of 1992. A great deal of stability was evident in the employment figures. Encouraging is the fact that many indicators such as residential construction and help wanted advertising are pointing upward. Perhaps the best item to consider is that, by all indications, the national economy is finally on a stronger upward path. This is good news for the area which was hardly touched by the past recession.