Consumer confidence is close to an all time high, according to Wisconsin’s Economic Outlook Report.
The Department of Revenue projects personal income will increase 4.6 percent in 2019, but decrease in 2020 to 4.2 percent. Earlier this year, the Department estimated personal income would grow at a rate of 3.5 percent this year, and 4.4 percent in 2020.
According to Wisconsin’s Economic Outlook Report recently released by DOR, personal income is expected to grow by more than 4 percent annually through 2022, although wages will continue to act as an important economic driver, the report said there are “uncertainties clouding the forecast.”
Consumer confidence is close to an all time high, according to the report, but uncertainties surrounding trade have had a dampening effect over the past two months. Following seven years of solid growth, the state’s labor market is beginning to “show some wear.” The DOR forecast predicts annual employment growth of 0.8 percent this year, followed by a “significant slowdown” in 2021 and 2022.
Construction is showing “some cooling signs” as the report notes construction grew 4.2 percent in 2018, but just 1.8 percent over the first half of this year. Manufacturing, which has strong growth in 2018, also is expected to slow down in 2019, according to the report.
The U.S. Labor Department reports Wisconsin lost nearly 5,200 manufacturing jobs between August 2018 and August 2019 – the second most for that period after Pennsylvania.
