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WITC Inservice

WITC Inservice. Shell Lake, WI 02-27-13. Gross Domestic Product. 4Q 2012 fell by 0.1%, first estimate, early impacts of sequestration – fed spending decreased 15%, defense down 22.2%. Exports fall 5.7%, Sandy possibly.

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WITC Inservice

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  1. WITC Inservice Shell Lake, WI 02-27-13

  2. Gross Domestic Product 4Q 2012 fell by 0.1%, first estimate, early impacts of sequestration – fed spending decreased 15%, defense down 22.2%. Exports fall 5.7%, Sandy possibly. 3% would be “ok”, 5% would be “good” growth. So really not too bad, all things considered. Actual Source: Actual--Bureau of Economic Analysis . Shaded area indicates period of recession

  3. LEI up 0.2% in January – slow but solid. Best news: HousingBiggest Risk: Sequestration Source: The Conference Board

  4. Consumer Sentiment (UMich) up 1.2 pts in Jan, almost all gain due to households over $75k. Consumer Confidence (The Conference Board) up 11.2 pts in Feb, as shock from payroll tax abates. • Consumers concerned about financial situation (payroll tax increase especially hits those making <$75k), and more pessimistic about labor market.

  5. Source: Philadelphia Federal Reserve

  6. Some state and local indicators

  7. 2011-2012 Unemployment Rates, Wisconsin Rate: 6.5% Rates below year-ago levels (not seasonally adjusted) Employment up, labor force up slightly.. No significant change from 2011 Source: US Bureau of Labor Statistics

  8. 2011-2012 Unemployment Rates, WITC Area, Wisconsin Rate: 7.2% Over-the-year: Employed up 1,362, unemployed up 82 = labor force up 1,444 (0.9%) LF only fell in Rusk and Polk Source: US Bureau of Labor Statistics

  9. 2011-2012 Wisconsin Nonfarm Jobs Up over the year, second month this year. Mfg up 8,500, retail trade down 5,600 (was up y to y last month). Source: US Bureau of Labor Statistics

  10. 2011-2012 Superior-Duluth MN-WI MSA Nonfarm Jobs Source: US Bureau of Labor Statistics

  11. The Aging Workforce

  12. U.S. Unemployment by Age Group Source: BLS, Local Area Unemployment Statistics

  13. Wisconsin’s Manufacturing Workers by Age Cohort Sources: U.S. Dept. of Commerce, Census Bureau, Quarterly Workforce Indicators via Cornell University Virtual Regional Data Center, and calculations by WI DWD OEA

  14. Wisconsin’s Manufacturing Employment by Age Cohort: Sources: U.S. Dept. of Commerce, Census Bureau, Quarterly Workforce Indicators via Cornell University Virtual Regional Data Center, and calculations by WI DWD OEA

  15. Up-Skilling: Wisconsin Manufacturing Employment by Educational Attainment Sources: U.S. Dept. of Commerce, Census Bureau, Quarterly Workforce Indicators via Cornell University Virtual Regional Data Center, and calculations by WI DWD OEA

  16. Wisconsin Manufacturing Average Monthly Earnings by Educational Attainment Sources: U.S. Dept. of Commerce, Census Bureau, Quarterly Workforce Indicators via Cornell University Virtual Regional Data Center, and calculations by WI DWD OEA

  17. Total Projected Job Openings 2010-2020in Occupations with Manufacturing-Related Apprenticeships Source: WI DWD OEA Projections, BLS Projections

  18. Projected Job Openings 2010-2020by Job Training Required Source: WI DWD OEA Projections, BLS Projections

  19. Growth Openings & Replacement Openings by Occupation Group

  20. Highlighted Occupations • Highlighted occupations met three criteria: • Each occupation’s projected growth rate exceeds the all-occupations growth rate of 11.9. percent. • Each occupation’s median wage exceeds the all-occupations median wage of $16.04. • Each occupation is projected to generate over 4,500 openings between 2010 and 2020.

  21. Other Trends • Sequestration • The Euro zone • China’s economy

  22. For copies of this PowerPoint or if you have other questions please contact: Scott Hodek Regional Economist – Serving West Central Wisconsin Office of Economic Advisors Wisconsin Department of Workforce Development 715.836.2997 scott.hodek@dwd.wisconsin.gov Website: dwd.wisconsin.gov/oea

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