THE STATE OF THE ECONOMY AND THE STATE

THE STATE OF THE ECONOMY AND THE STATE

THE STATE OF THE ECONOMY AND THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students FUTURE WORKFORCE CONSIDERATIONS 27th Annual Information Technology (IT) Conference for the Future March 3, 2011 Dennis K. Winters Chief, Office of Economic Advisors Wisconsin Department of Workforce Development March 3, 2011 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 HOW BAD WAS IT? HOW BAD WAS IT?

THINGS THAT NEVER HAPPENED BEFORE THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Four negative U.S. GDP quarters in a row Global GDP declined The U.S. and Japan were in recession at same time Personal consumption expenditures were down 3 out of four quarters, with the one registering just +0.1% Retooling Our Students for the Future March 3, 2011 Longest downturn since Great Depression Twice as long as post-war average recession 3 INDUSTRIAL ACTIVITY PLUNGED U.S. AND ESPECIALLY THE MIDWEST THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Manufactuing Production Indexes 130 120 110 100 Midwest U.S. 90 80 70 Retooling Our Students 60 for the

50 Future 40 30 Jan-73 March 3, 2011 Jan-82 Source: Chicago Fed, OEA Jan-91 Jan-00 Jan-09 4 EMPLOYMENT DROPPED PRECIPITIOUSLY JOB LOSSES WORSE THAN 1981 RECESSION THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS for the 6.0% 4.0% Growth over 12 Months Retooling Our Students Total NonFarm Y/Y Job Growth (unadjusted) 2.0% 0.0% Wisconsin -2.0% U.S. -4.0%

Future March 3, 2011 Source: Bureau of Labor Statistics, LMI, OEA Jan-11 Jan-10 Jan-09 Jan-08 Jan-07 Jan-06 Jan-05 Jan-04 Jan-03 Jan-02 Jan-01 Jan-00 Jan-99 Jan-98 Jan-97 Jan-96 Jan-95 Jan-94 Jan-93 Jan-92 Jan-91 -6.0% 5 UNEMPLOYMENT CLIMBED NOT QUITE TO LEVELS OF 1981 RECESSION Unemployment Rates

(seasonally adjusted) THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS 12 11 Wisconsin 10 U.S. Percent 9 Retooling Our Students for the 8 7 6 5 Future 4 March 3, 2011 Source: Bureau of Labor Statistics, LMI, OEA 2011 2010 2009 2008 2007 2006 2005

2004 2003 2002 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976

3 6 DURATION OF FINDING NEW JOB IS PROTRACTED Average Weeks Unemployed THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS 35 30 25 20 Retooling Our Students 15 for the March 3, 2011 Source: U.S. Dept. of Labor, Bureau of Labor Statistics and National Bureau of Economic Research Jan 2008 Jan 2003 Jan 1998 Jan 1993 Jan 1988 Jan 1983 Jan 1978 Jan 1973 Jan 1968 Jan 1963 Jan 1958

5 Jan 1953 10 Jan 1948 Future 7 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 HOW DO YOU SPELL RECOVERY? HOW DO YOU SPELL RECOVERY? THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS GDP DJIA Retooling Our Students for the Future March 3, 2011 JOBS 9

HOW DO YOU SPELL RECOVERY? GDP; Six positive quarters, Q4 up 2.8% THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Real GDP Growth 10.0 8.0 6.0 Percent 4.0 Retooling Our Students for the Future 2.0 0.0 -2.0 -4.0 -6.0 -8.0 2000q1 March 3, 2011 2002q1 2004q1 Source: Bureau of Economic Analysis, OEA 2006q1 2008q1 2010q1 HOW DO YOU SPELL RECOVERY? DJIA; UP 85% SINCE MARCH 9, 2009 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS

Retooling Our Students for the Future March 3, 2011 Source: http://moneycentral.msn.com/investor/charts/chartdl.aspx MANAGING RISK WHERE IS THE INCENTIVE TO EXPAND THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 HOW DO YOU SPELL RECOVERY? JOBS; STILL DOWN 150,000 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Wisconsin Total Nonfarm Jobs (NSA) 2,950,000 2,900,000 2007 2009 2010 2,850,000 2,800,000 2,750,000 Retooling Our Students for the Future 2,700,000

2,650,000 2,600,000 Jan March 3, 2011 Feb Mar Apr May Source: Bureau of Labor Statistics, LMI, OEA Jun Jul Aug Sep Oct Nov Dec 13 JOB RECOVERY WILL TAKE TIME Job Losses in Recent Recessions - Wisconsin - # of Months Since Recession Declaration 1.0% THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS 0.0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 -1.0% Job Losses Relative to Peak Month -2.0% Retooling Our Students

-3.0% -4.0% 1981 Recession 1990 Recession 2001 Recession 2007-2009 Recesion -5.0% for the Future -6.0% -7.0% Source: DWD, OEA, X12 adjustment of not seasonally adjusted CES via U.S. BLS March 3, 2011 Source: BLS, OEA 14 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 YES VIRGINIA, WE ARE IN RECOVERY MODE BUSINESS CYCLE SEVERE SIX QUARTERS TO RECOVER Gross Domestic Product THE STATE OF THE ECONOMY

AND FUTURE WORKFORCE CONSIDERATIONS $13,500 $13,400 $13,300 Billions $13,200 $13,100 $13,000 $12,900 Retooling Our Students for the $12,800 Future $12,700 2007- 2007- 2008- 2008- 2008- 2008- 2009- 2009- 2009- 2009- 2010- 2010- 2010- 2010III IV I II III IV I II III IV I II III IV March 3, 2011 Source: Bureau of Economic Analysis, OEA BOTH MAJOR SECTORS RECOVERING MANUFACTURING AND NON-MANUFACTURING THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Industry Indexes 70.0 65.0

60.0 55.0 50.0 45.0 Retooling Our Students for the Future Non-Manufacturing 40.0 Manufacturing 35.0 March 3, 2011 Source: St. Louis Fed, OEA Jul-11 Jul-10 Jul-09 Jul-08 Jul-07 Jul-06 Jul-05 Jul-04 Jul-03 Jul-02 Jul-01 Jul-00 Jul-99 Jul-98 Jul-97 30.0

17 INVESTMENT GROWTH IS IN PRODUCTIVITY, NOT EXPANSION Private Domestic Investment $2,500 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS $2,000 Billions $1,500 $1,000 $500 Retooling Our Students $0 for the Future Gross private domestic investment Nonresidential Equipment and softw are Structures Residential Private Inventories 20 06 20 I 06 -I 20 I 06 -I 20 II 06 -IV 20 07 -I 20

07 20 II 07 -I 20 II 07 -IV 20 08 20 I 08 -I 20 I 08 -I 20 II 08 -IV 20 09 20 I 09 20 II 09 -I 20 II 09 -IV 20 10 -I 20 10 20 II 10 -I 20 II 10 -IV -$500 March 3, 2011 Source: Bureau of Economic Analysis, OEA UTILIZATION CAPACITY STILL SOME SLACK IN SYSTEM THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS

Retooling Our Students for the Future March 3, 2011 19 IN CONCLUSION CONTINUED RECOVERY THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 Self-sustaining recovery Employment breach in 2014? Strength of recovery subject to consumer income and wealth uncertainty Risks Financial workouts put too much strain on economy. European Union fiscal problems wash over the global financial markets. High unemployment saps consumption. 20 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS So, what will be the biggest social policy challenge in the next 20 years? Retooling Our Students for the

Future March 3, 2011 21 ELDERLY NUMBERS WILL SWELL WIDEN THE SIDEWALKS WILL YA !? THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 22 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS QUANTITY Retooling Our Students for the Future March 3, 2011 WISCONSINS WORKFORCE GROWTH BECOMES FLAT Wisconsin Population and Labor Force THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS 7,000 POPULATION

6,000 CIVILIAN LABOR FORCE ( x 1000 ) 5,000 4,000 3,000 Retooling Our Students for the Future 2,000 1,000 1960 March 3, 2011 1970 1980 Source: Bureau of Labor Statistics, OEA 1990 2000 2010 2020 2030 24 BLS RAISED LFPR FOR THE FUTURE PARTICULARLY FOR OLDER COHORTS THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Changes in LFPR by Age Cohort 90.0% 80.0% 70.0%

60.0% 50.0% 40.0% Constant 2000 2010 2020 2030 30.0% Retooling Our Students 20.0% for the Future 10.0% 0.0% 16-19 March 3, 2011 20-24 25-34 35-44 45-54 55-59 60-64 Source: Bureau of Labor Statistics, Bureau of the Census, OEA 65-69 70-74 75+ 25 WISCONSINS WORKFORCE HIGHER LFPRs OFFER LIMITED GAINS THE STATE OF THE ECONOMY AND FUTURE WORKFORCE

CONSIDERATIONS Worker Difference from Census 2000 140,000 120,000 100,000 80,000 60,000 40,000 Retooling Our Students for the Future 20,000 (20,000) March 3, 2011 2010 2010 2020 2020 2030 2030 New BLS Plus 3% New BLS Plus 3% New BLS Plus 3% Source: Bureau of Labor Statistics, OEA 26 LITTLE CHANGES EVEN WITH HIGHER LFPR RETIREMENTS SWAMP PARTICIPATION THE STATE OF THE ECONOMY

AND FUTURE WORKFORCE CONSIDERATIONS Wisconsin Population and Labor Force 7,000,000 Population Labor force base case BLS prj. change Elevated LFPR of 3 percentage points 6,000,000 5,000,000 4,000,000 Retooling Our Students 3,000,000 for the Future 2,000,000 1,000,000 1960 March 3, 2011 1970 1980 Source: Bureau of the Census, DOA, OEA 1990 2000 2010 2020 2030 27 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE

CONSIDERATIONS QUALITY Retooling Our Students for the Future March 3, 2011 THIS IS NOT YOUR FATHERS ECONOMY IN FACT, THAT WAS AN ABERRATION THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 29 FUTURE EMPLOYEES REQUIRE HIGHER SKILLS THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 "The days are over when you could walk into a paper mill with a high school diploma and run one of the machines." Patrick Schillinger, former Wisconsin Paper Council President, Center will teach paper-industry technology , Milwaukee Journal Sentinel, JS Online, October 21, 2004.

30 EQUAL SKILLS NOW REQUIRED NO TWO-TRACKING THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Entry level jobs with family supporting wages and advancement opportunities require same knowledge foundation and skill set as those entering post-secondary education. Advanced reading Advanced writing Advanced mathematics (Algebra II) Retooling Our Students for the Future March 3, 2011 Fastest growing occupations earning greater than $30,000 per year, require some post-secondary education. Source: Achieve, Inc, OEA. 31 FUTURE EMPLOYERS NEED FOR CREATIVITY & INNOVATION THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 Today in most fields I know, the struggle is about creativity and innovation. There is no script. Robert B. Shapiro,

former CEO & Chairman, Monsanto Corporation 32 WORKPLACE REQUIREMENTS CHANGES IN SKILLS USED AT WORK* Nonroutine interactive THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Nonroutine analytic. Routine manual Routine cognitive Retooling Our Students for the Nonroutine manual Future * Based on the Dictionary of Occupational Titles March 3, 2011 Source: Autor, Levy and Murnane, 2003 33 Source: K-12 Education and Economic Summit presentation by Alan B. Krueger, Princeton University THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS JOB PROSPECTS Retooling Our Students for the Future March 3, 2011 THE STATE OF THE

ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 Im worried about job security and I dont even have a job yet. JOB OPENINGS BY OCCUPATIONAL GROUP WISCONSIN, 2008-2018 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Service 208,970 171,410 Professional & Related Office & Administrative Support 99,380 93,850 Sales & Related Management, Business, & Financial 75,440 Production 66,520 Transportation & Material Moving Retooling Our Students for the Future Construction & Extraction Installation, Maintenance, & Repair Farming, Fishing, & Forestry

March 3, 2011 New Jobs Replacements 51,110 24,000 23,060 1,370 Source: Office of Economic Advisors, Wisconsin Projections 2008-2018 36 TOP OCCUPATIONS WITH MOST NEW JOBS WISCONSIN, 2008-2018 Occupational Title THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Future March 3, 2011 Avg. Ann. Salary, 2009 19.4% 10,570 Associate or Bachelor's degree $63,187 Home Health Aides 38.3% 7,940 Short-term on-the-job training $21,910 Personal & Home Care Aides 34.0% 7,380

Short-term on-the-job training $20,297 Combined Food Preparation & Serving Workers 11.3% 7,260 Short-term on-the-job training $17,371 Customer Service Representatives 12.1% 5,960 Moderate-term on-the-job training $32,996 Nursing Aides, Orderlies, & Attendants 13.8% 5,090 Postsecondary vocational training $25,769 Accountants & Auditors 15.2% 3,500 Bachelor's degree $61,069 6.9% 3,450 Short-term on-the-job training $39,813 36.9%

2,900 Bachelor's degree $64,364 Office Clerks, General 3.8% 2,590 Short-term on-the-job training $28,109 Waiters & Waitresses 5.1% 2,410 Short-term on-the-job training $18,892 Landscaping & Groundskeeping Workers 10.5% 2,290 Short-term on-the-job training $26,505 Medical Assistants 21.3% 2,100 Moderate-term on-the-job training $30,313 Computer Software Engineers, Applications 18.2% 1,820 Bachelor's degree $75,752

Recreation Workers 11.8% 1,560 Moderate-term on-the-job training $23,664 Network Systems & Data Communications Analysts for the Typical Education & Training Registered Nurses Truck Drivers, Heavy & Tractor-Trailer Retooling Our Students Growth Rate, New Jobs, 2008-18 2008-18 Source: Office of Economic Advisors, Wisconsin Projections 2008-2018 37 FASTEST GROWING OCCUPATIONS WISCONSIN, 2008-2018 Occupational Title THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 Growth Rate, Total Openings, 2008-18 2008-18 Typical Education & Training

Avg. Ann. Salary, 2009 Home Health Aides 38.3% 10,000 Short-term on-the-job training $21,910 Network Systems & Data Comm. Analysts 36.9% 4,310 Bachelor's degree $64,364 Personal & Home Care Aides 34.0% 10,090 Short-term on-the-job training $20,297 Financial Examiners 32.6% 220 Bachelor's degree $68,521 Ambulance Drivers & Attendants 30.8% 260 Moderate-term on-the-job training $22,468 Athletic Trainers

28.3% 270 Bachelor's degree $43,813 Physician Assistants 27.1% 760 Master's degree $87,608 Surgical Technologists 25.0% 1,340 Postsecondary vocational training $44,801 Medical Equipment Repairers 24.5% 650 Associate degree $49,492 Physical Therapist Aides 24.4% 420 Short-term on-the-job training $24,790 Mental Health Counselors 24.1% 830

Master's degree $44,180 Cardiovascular Technologists & Technicians 24.0% 370 Associate degree $52,769 Animal Trainers 23.9% 260 Moderate-term on-the-job training $30,942 Gaming Dealers 23.1% 600 Postsecondary vocational training $19,532 Medical Scientists, Excl. Epidemiologists 22.6% 1,240 Doctoral degree $56,810 Note: Only occupations with at least 500 jobs in 2018 were included. Source: Office of Economic Advisors, Wisconsin Projections 2008-2018 38 MOST IN DEMAND OCCUPATIONS WISCONSIN, 2008-2018 Occupational Title THE STATE OF THE

ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 Annual Annual Job Growth Rate Openings Typical Education & Training Avg. Ann. Salary Rank Registered Nurses 1.9% 2,010 Associate or Bachelor's degree $63,187 Truck Drivers, Heavy & Tractor-Trailer 0.7% 1,240 Short-term on-the-job training $39,813 Elementary School Teachers 0.4% 870 Bachelor's degree

$51,236 Accountants & Auditors 1.5% 740 Bachelor's degree $61,069 Licensed Practical & Vocational Nurses 1.4% 490 Postsecondary vocational training $41,079 Network Systems & Data Comm. Analysts 3.7% 430 Bachelor's degree $64,364 Executive Secretaries & Assistants 0.3% 400 Work experience $38,763 Middle School Teachers

0.4% 380 Bachelor's degree $50,952 Police & Sheriff's Patrol Officers 0.4% 360 Long-term on-the-job training $52,128 Computer Systems Analysts 0.9% 310 Bachelor's degree $70,263 Social & Community Service Managers 1.0% 310 Bachelor's degree $56,516 Postal Service Mail Carriers 1.1% 310 Short-term on-the-job training $46,836

Administrative Services Managers 0.8% 280 Bachelor's or higher + experience $71,212 Computer Software Engineers, Applications 1.8% 270 Bachelor's degree $75,752 Employment & Placement Specialists 1.9% 250 Bachelor's degree $51,116 Note: Occupations most in demand satisfy the following criteria: 1. Annual growth rate is above the statewide average of 0.27% between 2008 and 2018 2. Annual median wage is higher than the States median wage for all jobs ($32,351) 3. Top 30 total job openings (openings due to either new jobs or replacement needs) Among top 100 fastest growing occupations Among top 100 occupations with the most new jobs between 2008 and 2018 Among top 100 highest-paid occupations Source: Office of Economic Advisors, Wisconsin Projections 2008-2018 39 IT OCCUPATIONS WITH THE MOST OPENINGS WISCONSIN, 2008-2018 % Change Average

Annual Openings 2.7% 78,570 36.9% 430 Bachelor's degree $ 64,364 9.3% 310 Bachelor's degree $ 70,263 Computer software engineers, applications 18.2% 270 Bachelor's degree $ 75,752 Computer support specialists - 1.3% 250 Associate degree $ 43,630 5.3% 210 Short-term on-the-job training $ 32,654 - 14.2% 150

Bachelor's degree $ 66,495 Network and computer systems administrators 7.1% 150 Bachelor's degree $ 59,676 Computer and information systems managers 7.1% 140 Bachelor's or higher degree, plus work experience $ 99,895 Data entry keyers - 13.7% 110 Moderate-term on-the-job training $ 25,889 Electrical and electronic equipment assemblers - 10.0% 110 Short-term on-the-job training $ 30,609 5.5% 100 Long-term on-the-job training $ 58,013 Occupational Title

THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Total, all occupations Network systems and data communications analysts Computer systems analysts Billing and posting clerks and machine operators Computer programmers Retooling Our Students for the Future Electrical power-line installers and repairers March 3, 2011 Typical Education and Training Path Avg Ann Salary $ 40,193 Typical Education and Training Path gives a general indication of the education or training typically needed in the occupation. There may be other pathways into the occupation, as well as additional educational, training, or licensing requirements. 40 FASTEST GROWING IT OCCUPATIONS WISCONSIN, 2008-2018 % Change Average Annual Openings 2.7% 78,570 Network systems and data communications analysts

36.9% 430 Bachelor's degree $ 64,364 Computer software engineers, applications 18.2% 270 Bachelor's degree $ 75,752 Computer software engineers, systems software 14.9% 80 Bachelor's degree $ 77,663 Computer and information scientists, research 13.0% 0 Doctoral degree $ 123,215 Computer systems analysts 9.3% 310 Bachelor's degree $ 70,263 Telephone operators 7.6% 0

Short-term on-the-job training $ 26,961 Computer and information systems managers 7.1% 140 Bachelor's or higher degree, plus work experience $ 99,895 Network and computer systems administrators 7.1% 150 Bachelor's degree $ 59,676 Database administrators 6.9% 40 Bachelor's degree $ 66,957 Computer specialists, all other 6.7% 40 Associate degree $ 61,219 Electrical power-line installers and repairers 5.5% 100 Long-term on-the-job training $ 58,013

Billing and posting clerks and machine operators 5.3% 210 Short-term on-the-job training $ 32,654 Telecommunications equipment installers and repairers, except line installers 1.4% 70 Postsecondary vocational training $ 48,201 Electronics engineers, except computer 0.3% 40 Bachelor's degree $ 78,259 Occupational Title THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 Total, all occupations Typical Education and Training Path

Avg Ann Salary $ 40,193 41 INDUSTRIES WITH THE GREATEST NUMBER OF COMPUTER SUPPORT SPECIALISTS Industry Title THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 Employment Educational services 1,427 Professional, scientific, and technical services 1,180 Management of companies and enterprises 705 Insurance carriers and related activities 563 Publishing industries (except internet) 530 Administrative and support services 497 Merchant wholesalers, durable goods 490

Telecommunications 429 Unclassified 284 Hospitals 241 Credit intermediation and related activities 240 Electronics and appliance stores 196 Machinery manufacturing 193 Ambulatory health care services 165 Internet and data processing services 130 42 WORKFORCE TRENDS ARE: THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Unprecedented we have never faced a declining workforce before; Assured demographics will change little; Largely unalterable demographics and migration patterns do not change abruptly. Retooling Our Students for the Future

March 3, 2011 43 RAMIFICATIONS OF WORKFORCE TRENDS ARE: THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Potentially devastating without sufficient productivity gains the states economy will stagnate; Necessitating a focus on talent large investments in education and training are needed; Retooling Our Students for the Future March 3, 2011 Requiring match talent supply and industry demand must be matched or you lose both. 44 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Retooling Our Students for the Future March 3, 2011 THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS

QUESTIONS? Retooling Our Students for the Future March 3, 2011 46 CONTACT INFORMATION THE STATE OF THE ECONOMY AND FUTURE WORKFORCE CONSIDERATIONS Dennis Winters Phone: 608-267-3262 Email: [email protected] Retooling Our Students Website: www.dwd.wisconsin.gov for the Future March 3, 2011 OEA website: www.dwd.wisconsin.gov/oea 47

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