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Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 1 Dennis Winters Chief, Office of Economic Advisors Department.

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Presentation on theme: "Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 1 Dennis Winters Chief, Office of Economic Advisors Department."— Presentation transcript:

1 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 1 Dennis Winters Chief, Office of Economic Advisors Department of Workforce Development November 8, 2013 On the Other Hand Wisconsin Economics Association

2 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 22 ECONOMIC RECOVERY HOW IS THIS ONE NOT LIKE THE OTHER ONES

3 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 33 ECONOMIC RECOVERY HOW IS THIS ONE NOT LIKE THE OTHER ONES

4 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 4 JOBS RECOVERY HOW IS THIS ONE NOT LIKE THE OTHER ONES

5 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association GDP = C + I + G + (I-M)

6 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 66 RECESSION COMPARISONS LAGGING ACROSS ALL INDICATORS Source: William Testa, Federal Reserve Bank of Chicago

7 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 7 It is difficult to increase consumption when you: 1.have stagnant income, 2.are losing wealth, 3.paying down debt, 4.increasing savings, 5.and are paying more for food and gas.

8 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association REAL ESTATE EQUITY GETTING A NICE REBOUND

9 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association SECURITIES’ APPRECIATION IS GETTING US BACK OVER THE HUMP

10 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 10 MANAGING RISK WHERE IS THE INCENTIVE TO EXPAND

11 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association Thousands 5.5% 6.5% 7.5% 8.5% 9.5% Q1 ‘15 Q1 ‘17 Unemployment rates assume a participation rate of 63.5% JOBS GROWTH SCENARIOS CONTRAINTS ON ECONOMY Source: William Testa, Federal Reserve Bank of Chicago

12 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association WISCONSIN JOBS ARE SHOWING A STEADY CLIMB

13 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association WISCONSIN MANUFACTURING JOBS ARE ALSO ON THE UPTICK

14 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 14 WISCONSIN JOBS RECOVERY VERSUS PREVIOUS CYCLES

15 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 15 AGE COHORTS TREATED DIFFERENTLY Source: OEA, BLS

16 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association EDUCATION AND EMPLOYMENT STEADIER WORK

17 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association NONFINANCIAL CORPORATIONS HAVE RECOVERED VALUE

18 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association OVERALL NON-CORPORATE PRIVATE BALANCE SHEET IMPROVING

19 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association FEDERAL GOVERNMENT DEBT ON THE OTHER HAND

20 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association SWAPPING SECURITIES FOR CASH

21 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 21 Source: Federal Reserve Board, Data Download Program EXTENDING CREDIT BANKS ARE RETICENT TO LEND FUNDS

22 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association STATE & LOCAL GOVERNMENTS HAVE LARGELY RECOVERED

23 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association STATE AND LOCAL SPENDING ON A NEW TRAJECTORY

24 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association He said, She said.

25 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 25 HE SAID, HEY BABE, LOOK THE ECONOMY IS GROWING NICELY

26 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 26 SHE SAID, WE STILL HAVE A WAYS TO GO, DEAR

27 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 27 HE SAID LOOK HONEY, HOUSING MARKET IS UP NICELY

28 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 28 SHE SAID SWEETHEART, WE’RE NEVER GETTING BACK THERE

29 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 29 HE SAID, SUGAR, JOBS ARE CLIMBING thousands

30 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 30 SHE SAID, DARLING, DON’T PISS OFF YOUR BOSS

31 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 31 HE SAID, LOVE, THEY’RE JACKING UP WAGES EVERYWHERE The minimum wage will increase in 10 states on January 1, 2013. Employers to be more generous with pay raises next year, CNNMoney. An improving job market is boosting wages, Herald and News. SHRM consensus is for an average budget increase of 3 percent. Hay Group says 3 percent salary increases in 2013.

32 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 32 SHE SAID, JIM, GET A GRIP

33 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 33 HE SAID, DREAMBOAT, WE’RE GONNA BE RICH INCOME GROWTH (Q1:2010 – Q3:2012) Source: BEA, OEA

34 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 34 SHE SAID, WILL YOU WAKE UP AND SMELL THE COFFEE

35 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 35 Who is in demand?

36 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association *Job Openings includes both turnover and new jobs that are created. MOST JOB OPENINGS BY OCCUPATION

37 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 37 MOST JOB OPENINGS ON JOB CENTER OF WISCONSIN

38 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 38 MOST OFTEN HEARD POSITION CHALLENGES CHARACTERISTICS Occupation Annual % Growth Growth Openings Replacement Openings Total Openings Typical Entry Education Median Wage Heavy truck drivers1.909,4909,04018,530H.S. diploma$38,300 Welders1.501,8403,0104,850H.S. diploma$37,980 Customer service representatives 1.507,76014,18021,940H.S. diploma$31,430 CNC machine operators2.201,3101,0202,330H.S. diploma$35,860 Maintenance workers, machinery 0.70180440620H.S. diploma$39,460 CNC machine operators2.201,3101,0202,330H.S. diploma$35,860 Nursing aides1.506,3004,90011,200Postsecondary$25,020 Registered nurses2.2013,78010,45024,230 Associate’s degree $62,860 Mechanical engineers0.704702,0102,480 Bachelor’s degree $68,340 Food preparation and serving workers 2.3015,36017,14032,500< high school$17,910

39 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 39 WHAT TRAINING TO PURSUE FIVE MAKE ALL THREE LISTS Make all three lists Total Openings Typical Entry Education Median Wage Food preparation 32,500< high school$17,910 Customer service 21,940H.S. diploma$31,430 Registered nurses 24,230AD/BS$62,860 Heavy truck drivers 18,530H.S. diploma$38,300 Health care aides 11,200Postsecondary$25,020 Make two lists Welders 4,850H.S. diploma$37,980 Material Movers 38,900H.S. diploma$23,590 Retail sales 69,030< high school$20,570

40 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 40 Questions ?

41 Wisconsin is Open for Business November 8, 2013 On the Other Hand Wisconsin Economic Association 41 Dennis Winters Phone: 608-267-3262 Email: dennis.winters@dwd.wisconsin.gov Website: www.dwd.wisconsin.govwww.dwd.wisconsin.gov OEA website: www.dwd.wisconsin.gov/oeawww.dwd.wisconsin.gov CONTACT INFORMATION

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