May 31, 2013

More Bad Jobs News: Wisconsin’s Six-Month Economic Forecast Ranks 49th in the Nation

Wisconsin’s six-month economic forecast ranks 49th in the nation, according to a recent analysis by the Federal Reserve Bank of Philadelphia.

The Federal Reserve Bank of Philadelphia produces a quarterly “leading index” for each of the 50 states to forecast the state’s six-month economic growth. The analysis factors variables that lead the economy such as non-farm payroll, average hours worked in manufacturing, unemployment rate, inflation-adjusted wages, housing starts, new unemployment claims, manufacturing delivery times and interest rates.

Only five states, including Wisconsin, are forecast to see a decrease in the state economic leading index over the next six months. Wisconsin ranks 49th out of the 50 states, and dead last in the Midwest.

“The Federal Reserve Bank of Philadelphia’s newest report of state leading economic indexes provides yet one more indication that Scott Walker’s anti-jobs policies are moving us in the wrong direction,” Democratic Party of Wisconsin Chair Mike Tate said Friday. “We’re 44th in the nation in job growth, dead last in short-term job creation, 45th in wage growth and now 49th in economic forecast – the only jobs number Scott Walker seems to be able to increase in Wisconsin is the number of terrible rankings.”

Read more here.