From WisBusiness.com …
— Wisconsin is expected to lose 9,500 jobs in 2008 with no growth predicted in 2009, the state Department of Revenue said in its quarterly economic outlook.
That amounts to a decrease of 0.3 percent after state jobs grew by 0.5 percent in 2007 and 0.9 percent in 2006.
The report said the state’s economy is expected to slow in 2008 and 2009, following the national economic trend. It attributed the weak growth to sluggish domestic demand due to turmoil in the credit system and housing sector with high gas and food prices contributing to the slowdown as well.
Overall the state’s gross domestic product is expected to grow 1.4 percent in 2008 and 0.9 percent in 2009.
See the report:
— The Department of Workforce Development reported Thursday on two companies that are planning to lay off a total of 72 workers this summer.
Q Services Company in Brookfield will permanently lay off 25 employees by June 30 and Cummins Filtration of Wautoma is permanently laying off 47 employees on August 8.
— A report released by Families USA gives Wisconsin a failing grade for its regulation of the health insurance industry.
The report says insurance companies in Wisconsin face no consumer protection laws regarding coverage of pre-existing medical conditions or spending of health care premiums. Citizen Action of Wisconsin alleged in a conference call with reporters that companies can deny coverage, refuse payment and revoke policies with no repercussions from the state.
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Wisconsin Department of Revenue predicts economic recovery in 2010: The state’s struggling economy won’t recover until 2010, according to the latest quarterly Wisconsin Economic Outlook by the state Department of Revenue. Employment in the state is expected to decline by 0.3 percent this year followed by no change in 2009. On the bright side, the state’s exports continue to rise, aided by the weak value of the dollar. Wisconsin exports were up 11.8 percent last year, the sixth year of positive growth. Leading exports include machinery, computers and electronics, transportation equipment, appliances, processed foods and agricultural products. Top export markets are Canada, Mexico, China, the United Kingdom and Germany.
Wisconsin’s exports have grown steadily, report says: But economy is expected to slow in other sectors… Wisconsin’s economy is expected to slow in line with the national economy, but made-in-Wisconsin exports remain a bright spot in the state, according to the quarterly Wisconsin Economic Outlook released Thursday by the state Department of Revenue. “The Wisconsin economy is expected to slow in 2008 and 2009 following the national economic trend,” the report says. “After 0.5% employment growth in 2007, the forecast is expecting a small decrease in the number of Wisconsin jobs for 2008 and a steady state scenario in 2009.” State Revenue Secretary Roger Ervin cited “the credit crunch, rising food and oil costs and the housing downturn” to explain the national slump.
CDA vote is boon to WARF’s Wisconsin Institutes of Discovery: Madison’s Community Development Authority voted Thursday night to limit the fee it would charge to the Wisconsin Alumni Research Foundation for the use of CDA bonds in building WARF’s Wisconsin Institutes of Discovery. The authority decided it would charge one-third of a 1 percent fee on up to $175 million worth of the bonds used to build the Institutes of Discovery, a dual public and private research center funded by three $50 million donations from the state, WARF and private donors John and Tashia Morgridge. The CDA authorized bonds for up to $185 million, making $33,000 the maximum discount WARF received on the project. If the total amount of bonds needed runs over $185 million, the CDA must hold another public meeting, restarting the process of issuing bonds.
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MANUFACTURING (back to top)
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LABOR (back to top)
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INVESTING (back to top)
– Dow up on strong retail report
REAL ESTATE (back to top)
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TRANSPORTATION (back to top)
– Continental to eliminate service to Austin Straubel
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– DOT reporting several major highway closures throughout the state
– American, other airlines raise fuel surcharge
RETAIL (back to top)
– Retail sales jump by largest amount in 6 months
– Panchero’s to close Ashwaubenon location
– Leinenkugel to report to CEO of new MillerCoors
– InBev CEO Brito wants ‘friendly agreement’ with Anheuser-Busch
– Alderwoman promotes break for developers
– Milwaukee sues Bar Louie owners
– Organizers say $3.5M raised for German-American center
– Main Street Market seeks to attract locals, tourists
HEALTH CARE (back to top)
– Wis. fights health care inequities
– New VA patient service chief named
– Hospital grants health scholarships
– Coalition aims to improve kids’ care
– Aurora hospital taking shape in town of Summit
– FISC receives grant for senior services
– Bank lends a hand to flood victims
– Commerce State Bank switching to Metavante’s IBS system
MANAGEMENT (back to top)
– U.S. Bank selects regional executive
– Green Bay group dives into diversity
– MTM International hires new chief financial officer
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National Business Roundups ( back to top)
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