Wisconsin job rebound will take more than 2 years, state report says
MADISON, Wis. (WKBT) — The June Wisconsin Economic Forecast confirms that the COVID-19 pandemic zapped the state’s economy, with an employment rebound expected to take more than two years.
Even though a recovery is underway, the report says, “The economic forecast for Wisconsin expects to recover close to a quarter of the jobs lost by the third quarter of 2020, and close to three quarters of the employment loss by the second quarter of 2021.”
It will take the Badger State and the United States in general slightly more than two years to reach the jobs level that existed before the COVID-19 pandemic shut down the economy locally and globally, according to the report.
Recovery is underway, after employment bottomed out in April, according to the report. Employment in the Badger State is expected to decline 7.5% over the year. Personal income growth will slow to 2.2% in 2020 and 0.9% in 2021, as the fiscal stimulus fades, the report says.
“This publication provides decision makers with a window into where the Wisconsin economy is now and, more importantly, where it’s headed,” said Peter Barca, secretary of state Revenue Department.
“Our latest forecast shows that the situation is fluid, but our economic indicators are now heading in a better direction,” Barca said.
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