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The
Central Wisconsin economic
indicators were mixed for Fourth Quarter 1994. Unemployment rates were much
lower than last year. The
Central Wisconsin overall unemployment rate now stands at a very low
4.4 percent. Industrial sector employment performance was equally impressive.
Every sectors payroll was higher than in Fourth Quarter 1993. For the record,
7.3 thousand jobs were added in our three county area for a gain of 5.8
percent. Finally the last positive indicator was business confidence. Regional
business leaders were mildly upbeat in their assessment of the economy.
On the negative side of the ledger the indicator
total employment increase by a very modest 1.0 percent for
Central Wisconsin. Another
downbeat result comes from our Key Central Wisconsin industries where employment
growth was a net zero for the four sectors.
Seasonally unadjusted unemployment rates were
much lower in all geographic reporting areas when compared to last year (Table
2). The rates for
Portage, Marathon, and Wood Counties were 4.3. 4.8, and 3.8 percent respectively
for Fourth Quarter 1994. The labor force weighted Central Wisconsin unemployment
rate fell from 5.0 to 4.4 percent over the course of the year which underscores
the improvement in our regional labor market.
The total employment picture in
the region was mixed. Table 3 shows that total employment
want up In Portage and
Marathon
Counties by 700 and 800 jobs, or 2.0 end 1.0 percent each. Wood county payrolls
actually declined over the period by 200 or 0.5 percent. In sum,
Central Wisconsin payrolls grew by 1100 positions or 0.8 percent. In
contrast U.S.,
employment during the same period expanded by 3.4 percent.
Industrial sector employment in
our region rose from 124.8 to 132.1 thousand, or 7300 jobs from a year ago (Table
4). Each sector reported gains in their payrolls. Services and manufacturing
lead the expansion growing by 5.5 and 1.1 thousand jobs respectively. Smaller
but no less welcomed improvements were recorded for trade, construction, and
government at 500, 100, and 100.
However, not so good news comes from our key
Central Wisconsin
industries. Table 5 shows that the job increases of 700
and 100 in finance, insurance, and real estate and paper products were offset by
declines 700 and 100 in food processing and lumber and wood products. Thus,
total employment in these key industries remained unchanged at 29.0 thousand.
Growth in these industries is Important because they export goods and services
to the rest of the state, nation, and world and in doing so bring dollars into
the region.
Each quarter regional business executives are
surveyed by the CWERB and the results are displayed in Table 6.
Recent economic changes at the national and local levels are said to be improved
from December 1993. National economic statistics collaborate their assessment of
the situation. When we asked them to forecast the future direction of the
national and local economies plus the prospects for their industry they were
mildly optimistic about each. A side note to this however is the optimism levels
for this group has been trending slowly downward on a seasonally adjusted basis
since late 1992. |
