The recovery of Wisconsin’s GDP is basically the same as that of the United States, but economic divergence still exists.
figure 1: The U.S. GDP relative to the fourth quarter of 2019 peak (black), Wisconsin (red), and Minnesota (blue) are all relative to the fourth quarter of 2019, expressed in logarithms. Source: Bureau of Economic Analysis, GDP published by each state, and author’s calculations.
Mirroring Employment trends, Divisional differences still exist.
figure 2: Wisconsin’s manufacturing GDP (blue, logarithmic scale on the left), and GDP for accommodation and food services (red, logarithmic scale on the right). The source of BEA GDP by state.
Manufacturing output was 2.6% higher than the fourth quarter of 2019, while output of accommodation and food services was 2.1% lower.
The Philadelphia Federal Reserve’s coincident index indicated that the growth continued into April (6/29 in May). However, employment growth in May was very slow.
image 3: Compared to M11 in 2019, Wisconsin’s 2012 GDP (blue) and coincidence index (red) are all expressed in logarithmic form. Source: Economic Analysis Bureau GDP and Philadelphia Federal Reserve issued by each state.