Over the last three months, there has been a substantial downshift in the level of economic activity and six-month forecasted growth, according to the Philadelphia Fed.
Category Archives: Wisconsin
Wisconsin Downturn?
In Down, Down, Down, I noted Wisconsin’s three month downward trend in nonfarm payroll and private nonfarm payroll employment, and as I cautioned, even this level of employment would likely be further downward revised when the QCEW data were incorporated in the next benchmark. The household survey based data released by the BLS adds yet more confirmation of a decrease in employment (h/t GeoffT). Monday’s newly released Philadelphia Fed coincident indices reflect those labor market trends.
Using QCEW Data to Estimate NFP in Wisconsin
Wisconsin released Quarterly Census of Employment and Wages (QCEW) data yesterday (as well as nonfarm payroll employment (NFP)) [1] [2]. We can use these data to update the estimate of nonfarm payroll employment (which is important given concerns about the accuracy of the establishment survey based series). Doing so worsens the employment performance through 2014.
Down, Down, Down
Wisconsin employment in May. (Update 6/23 to include growth decomposition)
New Gross State Product Figures Reveal…Wisconsin (Still) Lags
Some individuals have questioned the accuracy of the Philadelphia Fed coincident indices as measures of economic activity. Recently released Gross State Product (GSP) data confirms the pattern previously identified: Wisconsin lags the Nation, and its neighbor Minnesota. Thank goodness for Kansas to make Wisconsin look good!
“Goodbye, Madison”
Josh Marshall of Talking Points Memo, on what he sees as the destruction of a great research university.
The crown jewel of the Wisconsin university system is the University of Wisconsin at Madison. It is one of the top research universities in the country and the world. With this move [ to strip tenure from professors], you will basically kiss that jewel goodbye. To me this is the more salient reality than whether you think academic tenure is a good thing or not in itself.
If this happens, over time, the professors who can will leave. And as the top flight scholars and researchers depart, so will the reputation of the institution. So will graduate students who want to study with them, the best undergrads, money that flows to prestigious scholarship. Don’t get me wrong. Not in a day or a year or even several years. But it will. If you don’t get this, you don’t understand the economy and incentive structure of university life.
In other news, Author of proposal to abolish Legislative Audit Bureau says it’s not a response to scathing WEDC audits. The Legislative Audit Bureau is the Wisconsin equivalent of the Federal government’s Government Accountability Office (GAO).
Wisconsin Economic Metrics: Entrepreneurship
From the Wisconsin Economic Development Corporation (WEDC) website:
We’ve [WEDC] put a greater focus on supporting high-growth entrepreneurs in Wisconsin. The Seed Accelerator program is supporting veterans, inner city Milwaukee and water technology businesses; and helping entrepreneurs get their ideas off the ground. …
One Department to Rule Them All
Not my idea! With apologies to JRR Tolkein.
One the Regents candidates nominated by Governor Walker (from Wisconsin Public Radio):
Gov. Scott Walker’s latest appointment to the University of Wisconsin Board of Regents told a state Senate panel on Thursday that the UW should consider eliminating duplicative degree programs on some campuses.
Assessing the Rational Agent Response to Elimination of Tenure in Wisconsin State Statute
Thinking about “Exit, Voice and Loyalty” in Wisconsin
The Joint Finance Committee motion to remove tenure from state statute. Winners of the most competitive research awards the University of Wisconsin–Madison provides to its scholars have made a statement, found here.
Kansas Macro and Fiscal Crash
Economic activity stalls, and the Republicans conclude that higher taxes are necessary for higher tax revenue.
[with update 6/2 on the April forecast]