Wisconsin's economy has officially entered a recession.
The latest figures from the Department of Revenue's Wisconsin Economic Outlook have all the signs that the Badger State is in a recession.
DOR economist John Koskinen says the news was not a big surprise, based on the direction of the national economy. He says freezes in the credit market, the rise in unemployment, and problems in the housing market have all be contributing factors.
On the job front, Koskinen says total employment in Wisconsin is expected to be down six-tenths of a percent for 2008 and 2.2-percent in 2009. He does expect the job market to pick back up towards the end of 2009, with a fairly solid recovery underway by 2010.
Koskinen says the one bright spot is the housing market in Wisconsin. While it has taken a hit, he says we're doing much better than many other states that have experienced double digit declines in home sales and new construction.
Personal salary and wage growth are also expected to stall in 2009.