Friday, June 22, 2012

New State Report Suggests Walker Can't Meet 250,000 New Jobs Pledge

The State Revenue Department's latest "full report" economic forecast says Wisconsin will lag the national recovery at the end of 2014 and will be far behind Walker's pledge of 250,000 new private sector jobs created after January, 2010.

A chart I can't copy out shows the deficit in non-farm jobs will be 138,000.
The revised employment data show a lower peak and trough during the last recession. Wisconsin employment peaked at 2,885,800 in January of 2008 and bottomed in November of 2009 after losing 6% of total employment. 
In the 29 following months, the current data show that the state recovered 18,360 jobs. This data shows Wisconsin employment falling in the second half of 2011.

However, data from the Quarterly Census of Employment and Wages (QCEW) indicate that these estimates will be revised upward. QCEW figures show the state continued adding jobs in the second half of 2011, with an estimated 23,321 being added that year.

After this revision is incorporated in March of 2013 the recovery path for Wisconsin will again follow the path of U.S. employment.

The state economy followed the national economy into the recession and it will exhibit a similar pattern into the recovery. Anemic demand, high unemployment, tight credit, and a sluggish housing market restrain the recovery. The U.S. will recover all the jobs lost in the recession by the third quarter of 2014.

Wisconsin employment will return to its 2008 peak level of 2.9 million jobs by early 2015. The forecast expects Wisconsin employment to grow 1.0% in 2012 and 1.7% in 2013.
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5 comments:

  1. THE LIES OF WALKERJune 22, 2012 at 3:21 PM

    It don't matter- WALKER will lie and distort the facts and the easily swayed will vote for him.

    ReplyDelete
  2. AnonymousJune 22, 2012 at 3:45 PM

    When push comes to shove, he'll say it's really all Jim Doyle's fault. He just didn't know when he made his pledge just how horrible a hole the state was in because of the failed policies of the previous administration.

    ReplyDelete
  3. AnonymousJune 22, 2012 at 3:46 PM

    and so will the intelligent.

    ReplyDelete
  4. THE LIES OF WALKERJune 22, 2012 at 5:29 PM

    If he makes it to 2114 he will be the sole owner of his failures.

    @anon- I would not classify anyone who listens or plays the DOYLE blame game after 4 years of failure as intelligent.

    Yet intelligence is all in the eyes of the beholder. Walker is an very smart political - well maybe shrewd would be a better description.

    ReplyDelete
  5. GarethJune 23, 2012 at 8:05 AM

    I think those economic projections are awfully optimistic when wages are actually dropping in Wisconsin.

    With the zombified banks only breathing because the Federal Reserve has taken over their dead loans, as Europe experiences a self inflicted austerity collapse and the Republican party attempts to create a fiscal crisis for political gain, where is the necessary economic demand to come from? War?

    If Romney is elected and reverts to Hooverism, collapse is almost guaranteed.

    ReplyDelete