County Economic Statistics Table 6 Help Wanted Advertising
Stevens Point
Wausau
Marshfield
Wisconsin Rapids
Lincoln County
Adams County
Index Value 2020 Q3
% ∆ Yr. Ago
Index Value 2020 Q3
% ∆ Yr. Ago
Index Value 2020 Q3
% ∆ Yr. Ago
Index Value 2020 Q3
% ∆ Yr. Ago
Index Value 2020 Q3
% ∆ Yr. Ago
Index Value 2020 Q3
% ∆ Yr. Ago
824.5 -50.30% 1031.5 -46.89% 509.5 -48.30% 564.5 -81.34% 795.00 -51.82% 509.5 -57.60% Description: • Presents index values for online job advertising for Stevens Point, Wausau, Marshfield, Wisconsin Rapids, Lincoln County, and Adams County Analysis: • Help Wanted Advertising is an important indicator of local labor market conditions. It tends to be a leading indicator of the beginning of recessions. That might not be the case this time because the steep declines in advertising may reflect the one-off impact of COVID-19 rather than changes in the underlying fundamentals of the economy.
Table 7 Unemployment Claims - Portage County Weekly Average 2020 Q3
% Change a From a Year Ago
New Claims Total Claims
332
621.70% 655.10%
2167
Description: • New Claims: Weekly average of new claims for 2020 Q3 • Total Claims: Weekly average of total claims for 2020 Q3 • Averages of new and total claims are used because of the volatility of weekly claims. Analysis:
• The dramatic increase in new claims and total claims in Portage County mirror what is happening at the national level. Despite an improving unemployment rate from reductions in temporary lay-offs, sustained high initial claims may indicate increases in permanent job losses.
Table 8 County Sales Tax Distribution Portage
Marathon
Wood
2020 Q3 (000) $2,008.4
% ∆ Yr. Ago
2020 Q3 (000)
% ∆ Yr. Ago
2020 Q3
% ∆ Yr. Ago
County Sales Tax Distribution
4.4% $3,697.6
6.1% $1,854.3
8.3%
Description: • The county sales tax rate of 0.5% is placed on retailers that make taxable retail sales. • Changes in county tax collections is a good indicator of changes in retail activity in Central Wisconsin. Analysis: • At first glance, the increase in county sales tax distributions from 2019 Q3 is somewhat surprising given the impact of the pandemic on retail activity. The increases may reflect the impact of the CARES Act and a pent-up demand effect from the declines in tax collections for May and June of 2020. For example, Portage County tax receipts fell by 5.9% and Marathon County’s tax receipts fell by 11.1% relative to May and June numbers in 2019.
Central Wisconsin Report - Fall 2020
11
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