December Jobs Report: Economy Adds 200,000 New Jobs [January 6, 2012]

December Jobs Report: Economy Adds 200,000 New Jobs

1/6/12

Thanks in part to growing consumer demand, the U.S. economy added 200,000 new jobs in December, according to the U.S. Department of Labor, and the official unemployment rate decreased to 8.5% from the revised 8.7% rate in November.

The results were above economists' expectations for 150,000 new jobs. Labor experts estimate that approximately 150,000 new jobs are needed each month just to keep up with changes in the labor market, and that about 250,000 new jobs are needed each month to quickly bring down the unemployment rate.

Throughout December, there were signs that the labor market was improving, including better-than-expected holiday sales and a drop in weekly applications for unemployment benefits. While the extent to which holiday retail sales improved will become clearer in mid to late January, applications for unemployment benefits fell to a seasonably adjusted 372,000 in the last week of December, 11% lower than the same period in 2010.

In December, 50,000 jobs were added in the transportation-warehousing industry, 23,000 were added in manufacturing, and perhaps most encouraging, 23,000 jobs were added in the struggling construction industry.

For the year, 1.6 million new jobs were added, an improvement over the 940,000 new jobs added in 2010.

Meanwhile, an estimated 2.1 million new jobs are forecast for 2012.

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SHINE Medical to Decide on Location by Month's End

1/9/12

Executives at SHINE Medical Technologies say they could make a decision about where to build their new isotope facility ? Janesville or Stevens Point ? by the end of January, according to a report in the Stevens Point Journal.

SHINE Medical, based in Middleton, plans to manufacture radioisotopes used in medical procedures to help detect cancer, heart disease, and other conditions. The $80 million facility is highly coveted because it would bring an estimated 100 new jobs to the chosen community, with an average salary of between $50,000 and $60,000.

Company officials said no matter what city is chosen, SHINE Medical will need public assistance from the local municipality. Both communities have taken steps to lure the development. Janesville already has authorized its city administrator to purchase an 84-acre site, while Stevens Point has put together what city officials have called "a very aggressive" incentive package. Details of that package have not been disclosed.

WMC Survey Reveals 44% of CEOs Plan to Add Jobs in First Half of 2012

1/3/12

With the economy being their number one concern, a poll of Wisconsin CEOs in the latest Wisconsin Manufacturers and Commerce Economic Outlook Survey shows 94% of respondents believing the state is heading in the right direction. At the same time, 7% of the surveyed CEOs believe recall reform and ending ?political instability? would help the business climate, according to a WMC release.

Asked if Wisconsin is pro-business, 86% agreed, with 44% claiming they would be adding jobs in the next six months (49% reported no anticipated job changes). Forty-three percent said that despite high unemployment, they are having a difficult time hiring qualified employees. Reducing taxes and regulations was cited most often as a means for the state to improve the business climate. The survey of 1,167 CEOs was conducted in November, with 281 responses generated, making it statistically valid.

Cogdell Spencer Erdman to Be Purchased by Ventas

1/3/12

Charlotte, N.C.-based Cogdell Spencer Erdman, which purchased Madison-based Marshall Erdman and Associates in 2008, will itself be purchased by Chicago-based Ventas, a health care real estate investment trust, for $4.25 per share, or between $760 million and $770 million. The deal means Erdman, Cogdell Spencer?s design-build and development arm, must be sold first, in a separate transaction.

An affiliate of Lubar & Co., a Milwaukee private equity firm, agreed to buy back Erdman ?for nominal consideration,? though if Cogdell Spencer receives a higher bid within the next 45 days, Lubar?s deal could be nullified. As it stands, Lubar & Co., whose president, David Lubar, previously held an equity stake in Erdman, would purchase all assets and liabilities of the Erdman business, including about $11 million in projected net working capital on Erdman?s balance sheet. Cogdell would also contribute about $12 million to its equity capitalization, with roughly an equal amount contributed by an affiliate of Lubar & Co.

Brewers Rank 17th in Player Salaries

1/3/12

The Milwaukee Brewers are no longer at or near the bottom of MLB?s payroll ranks. According to USA Today, with an $85.5 million payroll, the Brewers rank No. 17, with the average player salary being $2.8 million. That puts the franchise in the middle of the pack, between ? not surprisingly ? the New York Yankees ($202.7 million) and the Kansas City Royals, who bring up the rear at $36.1 million. Incidentally, the Chicago Cubs payroll led the Central Division, at $125 million.

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Source: http://ibmadison.com/businessreport?businessreport_id=2188

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