Wisconsin’s jobless rate rose in the month of December to 5 percent, which is barely above the national average of 4.9 percent. In the Midwest region, Wisconsin currently has the second lowest unemployment rate, with only Indiana residents have an easier time finding work. Seasonal layoffs are most likely to blame for the increase in the jobless rate. The Bureau of Labor Statistics found that approximately 12,000 Wisconsin jobs were effected by extended layoffs lasting at least 31 days or longer, causing the state to be ranked 5th among the top in the nation. Only California, Illinois, Ohio, and Michigan had a higher number of long term layoffs.
According to Commerce Secretary Jack Fischer Wisconsin’s economy is facing “challenging” times. Nevertheless he believes that the area has the potential to weather the potential national recession better many parts of the country. Fischer said that what the Wisconsin job market has going for it that other areas lack is consistency and strength of exports and entrepreneurship. He went on to predict that if a recession did occur, many of the area’s companies would continue to thrive.
As proof of this he cited Oshkosh-based Marvel Manufacturing that cannot keep up with the demand for its products, metal cutting machine tools. According to Fischer, Marvel has increased its sales from $11 million to $30 million in the last three years. Marvel recently received a state grant of $250,000 to install new equipment. This is expected to create at least 48 new
Wisconsin jobs with in the next few years. He also cited the state’s growing biomedical industry, which has created 25,000 Wisconsin jobs in the past decade. This industry now has revenues of $8 billion annually.
Fischer did admit that the state’s paper industry was struggling, acknowledging recent plant closings announced in Port Edwards and elsewhere. These closings are expected to cause the loss of several hundred Wisconsin jobs.
In the Green Bay area Georgia Pacific just announced that they will be investing $50 million in their plant to create a state-of-the-art recycling system. This will not only reduce daily water use by up to 1 million gallons and improve energy efficiency, but will also help to retain high paying jobs in Wisconsin. Georgia-Pacific’s new recycling system is also expected to create more than 100 new full-time jobs.
Labels: Wisconsin jobs