Report: State economy lags U.S., but recession rebound expected by end of 2014

The Wisconsin economy is expected to rebound to pre-recession levels by the end of 2014, but economic growth still lags the national economy, according to the latest economic forecast from the Department of Revenue.

The lagging national recovery, federal sequester and global economic weakness are likely reasons for the sluggish recovery in Wisconsin, the report said.

The report predicts the state should add about 31,000 jobs over the course of 2013 and another 40,000 jobs in 2014. That job growth, combined with previous job counts from 2011-12, would leave Gov. Scott Walker about 117,000 jobs short of his goal to create 250,000 jobs in his first term in office.

The report also showed that while the state is expected to make modest job gains in trade and manufacturing sectors, those employment numbers won’t return to pre-recession levels during the forecasted period, which carries through to 2016.

See the forecast