Independent Student Newspaper Since 1969

The Badger Herald

Independent Student Newspaper Since 1969

The Badger Herald

Independent Student Newspaper Since 1969

The Badger Herald

Advertisements
Advertisements

Economy grows at slightly faster pace in the third quarter

Economic growth in the U.S. picked up the pace slightly in the third quarter according to a report released by the Department of Commerce Friday, although some doubt the improvement is enough to make a dent in unemployment.

The economy grew at a rate of 2 percent in the third quarter from July to September, compared to a 1.7 percent growth rate in the previous quarter, according to the report.

These new numbers come after the Wisconsin Department of Workforce Development reported last week unemployment dropped in nearly all the counties in the state. State unemployment dropped .1 percent in September to 7.8 percent, lower than the national unemployment level of 9.2 percent.

Advertisements

Although there has been some relief from unemployment many feel that much more improvement is necessary.

“Even with the decrease in unemployment, along with improvement in some areas of our economy, there are still too many Wisconsinites out of work. We must remain focused on job growth,” DWD secretary Roberta Gassman said in a statement.

The slightly improved third quarter growth rate reflects predictions of continued economic growth, but it will still be at a very slow rate, according to Andrew Reschovsky, an economics professor at the University of Wisconsin.

Reschovsky said the growth rate could be faster and employment, while growing, is doing so slowly.

“It’s going to be a while before it gets back to acceptable levels,” Reschovsky said.

The growth report also comes on the heels of Tuesday’s election, where the economy remains a main issue in races at both the state and federal levels.

In the gubernatorial race, both Republican Scott Walker and Democrat Tom Barrett are touting plans to continue and speed economic growth to make sure it manifests itself in a concrete way that Wisconsinites can see – increased employment.

Jill Bader, a spokesperson for Walker, said in an e-mail Walker plans to grow 250,000 jobs in his first term as governor through lower taxes and eased regulations in the private sector.

Barrett also plans to work to create jobs and grow the economy through cutting taxes for businesses that create jobs, according to a statement from Barrett’s website.

However, it is unclear if the candidates will be able to use these new facts about the economy’s growth in the third quarter in their election campaigns because the information was released so close to the election.

Advertisements
Leave a Comment
Donate to The Badger Herald

Your donation will support the student journalists of University of Wisconsin-Madison. Your contribution will allow us to purchase equipment and cover our annual website hosting costs.

More to Discover
Donate to The Badger Herald

Comments (0)

All The Badger Herald Picks Reader Picks Sort: Newest

Your email address will not be published. Required fields are marked *