New Unemployment Rate
The new unemployment rate was 9.0 percent down from 9.9 percent. This should not be taken as a sign the economy is turning around. Only 36,000 jobs were created, economists had expected around 150,000. According to the Labor Department the economy needs to create four times that amount. The unemployment rate in Wisconsin is currently 7.0 percent.
Top Cities for Employment
Milwaukee was listed as one of the top ten cities for employment in an on line article on the web site “The Survivors Club”. The article stated healthcare jobs have increased by 30,000 jobs. They cited firms moving from Chicago and the strong manufacturing base. We are home to Joy Mining, Bucyrus International, Harley, GE Medical and Miller Coors. There are also scores of small manufacturing firms. Growth is expected in the managerial and professional ranks.
Unemployment is expected to fuel another wave of home foreclosures. An on line article on MSN.com cited Chicago has one of the most vulnerable areas. Poor job creation and long term unemployment mean many homeowners cannot pay their mortgage. The Chicago area ranked second among all metropolitan areas in a study by Realty Trac for its increase in home repossessions. The situations may continue to get worse as home values continue to drop. CoreLogic estimates 2.4 million U.S. homeowners have only 5 percent or less equity in their homes. That makes it very tempting to walk away when you don’t have a job and can’t pay the bills.
No week in review would be complete without talking about our team. Their trip to Dallas has generated a wave of economic activity. All that money changing hands does create jobs or at least keep people employed. Pick & Save reported having one of their busiest Saturday’s ever. Travel agents and airlines have been busy getting fans to the game. Bars, restaurants, and vendors of Packer gear are all making money off of this Super Bowl appearance. Thanks Packers for the boost to the Wisconsin economy.