Federal Reserve Bank sees poor economic growth for Wisconsin - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Federal Reserve Bank sees poor economic growth for Wisconsin

Posted:

PHILADELPHIA (WKOW) -- The Federal Reserve Bank of Philadelphia's latest index of economic growth outlooks for states ranks Wisconsin 49 out of 50.

The Reserve Bank compiled its data from its monthly state-by-state index of leading economic growth indicators. The report shows Wisconsin among five states with economies getting smaller. 

Governor Scott Walker said Thursday the report is concerning but points out the index relies heavily on states' monthly employment reports, which are generated from a survey of about 3% of a state's employers.

The latest monthly job estimates released by U.S. Bureau of Labor Statistics(BLS) in mid-May show Wisconsin lost 24,100 jobs in April.  Those numbers have a margin of error of +/-8,500.

The BLS Quarterly Census for the last quarter of 2012 shows Wisconsin created a combined 53,334 jobs in 2011 and 2012, with private sector job growth of 2.7%. We will see where Wisconsin compares with other states on June 27, when the BLS releases quarterly census numbers for all states. 

Walker won election in 2010 with a claim he would create 250,000 jobs in his first term.


 

Powered by Frankly