News from Management Recruiters of Wausau
November 11, 2009
Economist Prediction on Economy
Comments by Laurie Prochnow, Owner of Management Recruiters of Wausau included in the article
Economist predicts slow job recovery
By Brian Reisinger • Wausau Daily Herald • November 10, 2009
The economy is recovering but jobs might not fully rebound for up to seven years, a leading national economist told a Wausau audience Monday.
Martin Regalia, chief economist with the U.S. Chamber of Commerce, spoke before dozens of business and government leaders at a meeting of the Wausau Region Chamber of Commerce and Rotary Club of Wausau at Jefferson Street Inn.
"I think it is real, and I think it will persist," Regalia said of the prospect of economic recovery.
But at the recovery's current pace, the 10.2 percent national unemployment rate won't reach healthier, prerecession levels of about 4.5 percent for roughly seven years, he said.
Markets have stabilized and job loss has slowed but not reversed nationally, he said. Wausau's unemployment rate was 10.9 percent in September, and local rates have fallen in recent months but remain double what they were a year earlier. The Dow Jones industrial average, a leading stock market indicator, reached more than 10,200 points Monday, its highest level in more than a year.
In a talk that was not overtly political but touched on major national issues, Regalia said both the bank bailout and Democrats' federal stimulus package helped prevent economic calamity. At the same time, he said "broad-based" tax relief is critical, and credited Republican cuts with preventing the 2001 recession from being worse.
He also warned about government spending adding to the national debt, and said the private sector must ultimately drive recovery.
Laurie Prochnow, owner of Management Recruiters of Wausau, said Regalia's talk underscored how businesses must watch costs and get creative. Management Recruiters, which helps businesses hire professional-level employees, has seen demand fall off in the tough economy, but tried to overcome that by providing candidates who can bring business accounts with them to a company.
Beyond the efforts of government and business, Regalia said, workers must accept that many of their jobs are gone for good and "retool" to participate in the evolving economy.
-- The Associated Press contributed to this story.
Economist predicts slow job recovery
By Brian Reisinger • Wausau Daily Herald • November 10, 2009
The economy is recovering but jobs might not fully rebound for up to seven years, a leading national economist told a Wausau audience Monday.
Martin Regalia, chief economist with the U.S. Chamber of Commerce, spoke before dozens of business and government leaders at a meeting of the Wausau Region Chamber of Commerce and Rotary Club of Wausau at Jefferson Street Inn.
"I think it is real, and I think it will persist," Regalia said of the prospect of economic recovery.
But at the recovery's current pace, the 10.2 percent national unemployment rate won't reach healthier, prerecession levels of about 4.5 percent for roughly seven years, he said.
Markets have stabilized and job loss has slowed but not reversed nationally, he said. Wausau's unemployment rate was 10.9 percent in September, and local rates have fallen in recent months but remain double what they were a year earlier. The Dow Jones industrial average, a leading stock market indicator, reached more than 10,200 points Monday, its highest level in more than a year.
In a talk that was not overtly political but touched on major national issues, Regalia said both the bank bailout and Democrats' federal stimulus package helped prevent economic calamity. At the same time, he said "broad-based" tax relief is critical, and credited Republican cuts with preventing the 2001 recession from being worse.
He also warned about government spending adding to the national debt, and said the private sector must ultimately drive recovery.
Laurie Prochnow, owner of Management Recruiters of Wausau, said Regalia's talk underscored how businesses must watch costs and get creative. Management Recruiters, which helps businesses hire professional-level employees, has seen demand fall off in the tough economy, but tried to overcome that by providing candidates who can bring business accounts with them to a company.
Beyond the efforts of government and business, Regalia said, workers must accept that many of their jobs are gone for good and "retool" to participate in the evolving economy.
-- The Associated Press contributed to this story.
# posted by LLP_MRWausau @ 1:28 PM 
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