Philadelphia bank releases numbers on economic forecast

CREATED Oct. 1, 2013

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MADISON – The Federal Reserve Bank of Philadelphia reported that Wisconsin’s forecast for economic growth will improve, according to their August report.

The bank uses state housing permit data, initial unemployment insurance claims, the Institute for Supply Management manufacturing survey, and prior coincident indexes it has conducted to formulate a final forecast number.

Governor Scott Walker reacted positively to the report.

“This is just another sign that Wisconsin’s economic future looks bright,” said Governor Walker. “We are creating jobs at levels that haven’t been seen in over a decade and are setting records this year in job growth.  We’re headed in the right direction, and we’re moving Wisconsin forward.”

Wisconsin’s 6.7 percent unemployment rate is below the national average of 7.3 percent.

For an in-depth look at the report, check out the Federal Reserve Bank of Philadelphia’s website.