From WisBusiness.com …
— A report released today by the federal Bureau of Labor Statistics shows the labor market continued to weaken dramatically in January, with 598,000 jobs lost and the unemployment rate rising to 7.6 percent.
The sharp drop in employment brings job losses to 3.6 million since the start of the recession in December 2007 (as determined by the National Bureau of Economic Research). About half of the decline occurred in the past 3 months.
See the full statement from the Bureau of Labor Statistics commissioner: http://www.bls.gov/news.release/pdf/jec.pdf
— State economist Dennis Winters related his fears for Wisconsin’s economic future in a speech Thursday to the Governor’s Conference on Economic Development. In it Winters cast the silver-haired baby boomers as key to staffing skilled Wisconsin jobs once the rebound starts next year.
“Everybody knows that 60 is the new 40,” Winters said, “so we’ll all be working longer, we need the money, we need the health care, and we want to.”
Based on projections from the Obama administration that more jobs are on the way, Winters suggested that they couldn’t come at a better time.
“The stimulus is supposed to create 74,000 jobs in Wisconsin, which is a good thing because we’re down 68,000,” Winters quipped.
See more from Winters at http://www.wisbusiness.com
— Lt. Gov. Barbara Lawton told attendees at the same conference that “the good news is in this room” where economic recovery efforts are concerned, adding that locally focused efforts would be key to a turnaround.
“There is no room for gadflies,” in economic development, Lawton told the Governor’s Conference on Economic Development, adding Wisconsin’s response to the downturn is on the right track because of “the work of the very innovative development groups around the state. They are building success stories.”
But Lawton also pointed out bad news outside the door, saying Gov. Jim Doyle may need to furlough workers “although he hopes to realize savings through attrition.” She said state bankruptcies were also on the rise, as were foreclosures in Wisconsin, up 20 percent so far this year.
See more from Lawton: http://www.wisbusiness.com/index.iml?Article=148184
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For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82
TOP STORIES
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University of Wisconsin-Madison withdraws Russell Athletic contract amid labor dispute: University of Wisconsin-Madison Chancellor Carolyn “Biddy” Martin said the university will end its relationship with Russell Athletic, a UW licensee that makes fleece wear with the university’s logo. The contract will terminate in March when the current license agreement expires. The contract generated nearly $40,000 in revenue for UW-Madison in 2007-08.
http://www.madison.com/tct/mad/latest/436890
Mercury Marine navigating difficult economic waters: A temporary shutdown last month at Mercury Marine was done in an effort to preserve the company’s cash and keep an already inflated inventory in check. “The biggest issue is to preserve cash while we’re in this volatility,” said Ray Atchinson, vice president of human resources for Mercury Marine.
http://www.thenorthwestern.com/article/20090206/OSH03/302060007/1167
Calumet County firm cuts 35 jobs: Amerequip Corp. laid off about 35 of its 200 employees this week, citing dropping orders due to the economic downturn. The company, which makes attachments for tractors, backhoes and front-end loaders, let the workers go on Wednesday.
http://www.postcrescent.com/article/20090206/APC03/902060463/1028
Madoff scandal hits home as Wisconsin victims listed : Now afflicted with Alzheimer’s disease, Howard Frucht probably never will realize he is a suspected victim of disgraced investment adviser Bernard Madoff, Frucht’s daughter, a resident of Oshkosh, said Thursday. But Abby Frucht said it breaks the hearts of her and her sisters to know the money their father saved while working as a doctor in New York, a little less than $1 million, could be lost in Madoff’s alleged $50 billion Ponzi scheme.
http://www.jsonline.com/business/39184997.html
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WISBUSINESS FEATURED COLUMNISTS
– GREGG HOFFMANN: Contributor, WisBusiness.com
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TECHNOLOGY (back to top)
– WISCareers Web site connects employers with young people
http://www.greenbaypressgazette.com/article/20090206/GPG03/902060584/1247
– Most local stations going ahead with digital TV transition
http://www.madison.com/tct/business/436863
– Mequon company helps smash subatomic particles
http://www.jsonline.com/business/39176797.html
BIOTECH (back to top)
– Cord-blood transplants in Wisconsin hospitals are now available to ill adults
http://www.madison.com/wsj/topstories/436888
ECONOMY (back to top)
– Officials hope bank push greases economic gears
http://www.thenorthwestern.com/article/20090206/OSH03/90205220/1167
– Postal center delayed for Oak Creek
http://www.bizjournals.com/milwaukee/stories/2009/02/09/story1.html?b=1234155600^1774224
MANUFACTURING (back to top)
– Magnetek sales rise, but earnings down
http://www.bizjournals.com/milwaukee/stories/2009/02/02/daily69.html
– Rice Lake firm shipping truck bodies for defense contract
http://www.bizjournals.com/milwaukee/stories/2009/02/02/daily68.html
LABOR (back to top)
– UW ends Russell deal over factory claims
http://www.thenorthwestern.com/article/20090206/OSH03/90205222/1167
– Wisconsin’s workers need better education, skills, economist says
http://www.madison.com/wsj/home/biz/436927
SMALL BUSINESS (back to top)
– Record entries for Wisconsin business plan contest
http://www.bizjournals.com/milwaukee/stories/2009/02/02/daily71.html
INVESTING (back to top)
– Bank Mutual to pay quarterly dividend
http://www.postcrescent.com/article/20090206/APC03/902060466/1028
– Badger Meter soars on report
http://www.jsonline.com/business/39148067.html
REAL ESTATE (back to top)
– Developer defaulted on $7 million in loans, lawsuit claims
http://www.jsonline.com/business/39182437.html
– New developer considers building student housing downtown
http://www.jsonline.com/business/39161342.html
AGRIBUSINESS (back to top)
– Hamm Re-Elected as Wisconsin NFO President
http://www.wisconsinagconnection.com/story-state.php?Id=158&yr=2009
TRANSPORTATION (back to top)
– AirTran adding 10 departures at Mitchell International
http://www.bizjournals.com/milwaukee/stories/2009/02/09/story3.html?b=1234155600^1774283
RETAIL (back to top)
– Sports Clips opens new store in Green Bay
http://www.greenbaypressgazette.com/article/20090206/GPG03/902060581/1247
– Kohl’s January sales better than expected
http://www.jsonline.com/business/39140612.html
REGULATION (back to top)
– Wrightstown farm settles charges
http://www.greenbaypressgazette.com/article/20090206/GPG03/902060585/1247
– Oil companies sue city over property tax assessments
http://www.jsonline.com/business/39178697.html
TOURISM (back to top)
– A whole new game: Downturn impacts Bucks, Packers
http://www.bizjournals.com/milwaukee/stories/2009/02/09/story2.html?b=1234155600^1774237
– Summerfest pledges to maintain ADA upgrades at Marcus Amphitheater
http://www.bizjournals.com/milwaukee/stories/2009/02/02/daily67.html
UTILITIES (back to top)
– Alliant Energy reports lower earnings
http://www.bizjournals.com/milwaukee/stories/2009/02/02/daily72.html
– Alliant Energy may seek electricity rate increase
http://www.jsonline.com/business/39147577.html
– Oak Creek didn’t inspect silo where blast occurred
http://www.jsonline.com/news/milwaukee/39152397.html
FINANCIAL SERVICES (back to top)
– Mortgage rates rise a bit
http://www.bizjournals.com/milwaukee/stories/2009/02/02/daily73.html
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