(WisBusiness) FRI News Summary — 5 Dec. 2008

From WisBusiness.com …

— Only two of 20 metro area business activity indicators tracked by the Metropolitan Milwaukee Association of Commerce registered improvement in October over year-earlier levels. October’s two improvements are down from the five upward pointing indicators posted for September.

“October’s performance marks the smallest number of improved indicators posted in any month in the 18 years for which comparable data is available,” said Bret Mayborne, economic research director for the MMAC. “While the metro area certainly has posted larger job losses and higher unemployment rates in other recessionary months, the aggregate performance of monthly indicators as a whole reached a low ebb in October.”

*See the MMAC press release: http://www.wisbusiness.com/1008/081204MMACtrendsPR.pdf
*See the full MMAC report: http://www.wisbusiness.com/1008/large/081204MMACtrends.pdf

— The national unemployment rate rose to 6.7 percent in November after the loss of 533,000 jobs. The one-month job loss is the largest since 1974.

See the release from the national Bureau of Labor Statistics: http://www.bls.gov/news.release/empsit.nr0.htm

— Wisconsin’s agricultural exports increased by 7 percent to a record $1.5 billion during the first nine months of 2008.

Dairy exports grew by 39 percent, up from $126 million in the first nine months of 2007 to $176 million in the first nine months of 2008. Exports were driven by a healthy demand for cheese and butter. Cheese exports set a record value of $75 million for the first nine months of 2008, a robust 47 percent increase.

See the press release for more: http://www.wispolitics.com/index.iml?Article=142812

— Business leaders from Milwaukee, Racine and Kenosha counties say the key to a stronger economy in southeastern Wisconsin is a regional transit system with dedicated funding.

The Regional Transit Authority has recommended a 0.5 percent regional sales tax as a funding source.

Tim Sheehy, president of the Milwaukee Metropolitan Association of Commerce, said during a Thursday panel discussion that southeastern Wisconsin needs a transit system that supports an economy rather than a county.

Sheehy said he supports a Regional Transit Authority because it would have greater lobbying power at the state and federal level.

The comments came during a panel discussion after RTA chairman Karl Ostby presented the group’s recommendations regarding development of a regional transit system that would include a commuter rail line connecting Milwaukee, Racine and Kenosha.

Racine Area Manufacturers and Commerce President Roger Caron echoed Sheehy’s concerns.

“We need to invest now in our infrastructure,” Caron said.

Read the full story: http://www.wisbusiness.com/index.iml?Article=142863

— Plymouth Tube Co. in East Troy has filed notice with the state of plans to lay off an unspecified number of workers starting Jan. 30, 2009. When contacted by the state, the company said the layoffs would affect 31 workers. The company has more than 100 full-time employees.

See the company’s filing: http://www.wisbusiness.com/1008/081204plymouthtube.pdf

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