From state-level data released Friday by the BEA. GDP increased by 4.2% year-on-year, and CPI decreased salaries and wages by 1.9% compared with the previous quarter; year-on-year growth was 1.5% and 3.0% respectively. Although non-farm payrolls grew only 0.9% from the previous quarter, the Philadelphia Fed's early benchmark non-farm payrolls index increased by 1.5%.
figure 1: Wisconsin nonfarm payroll employment (dark blue), Philadelphia Fed early benchmark measure of nonfarm payrolls (pink), civilian employment (tan), linear interpolation of real wages and salaries, by state chain consumer price index ( Sky blue), GDP (red), and consistent index deflation (green), all in the log 2021M11=0.Source: Bureau of Labor Statistics, Bank of East Asia, Federal Reserve Bank of Philadelphia [1], [2]and the author's calculations.
In January, the coincidence index increased by 2.9% quarterly. NFP employment appears to be continuing its momentum, with AR growth of 1.2% month-on-month in February.While civilian employment grew correspondingly by only 0.4%, it is important to remember that the imprecision in the household survey series is much greater, especially at the state level [1].
in my opinion, Wisconsin Republican Party claims Wisconsin is experiencing recession in response to Governor Evers' State of the State address is unreasonable.
