The Wisconsin Department of Revenue (DOR) has released an updated economic forecast. The latest forecast notes that several economic indicators fared better than expected since the forecast released in May.
Specifically, employment began to improve in May, with Wisconsin recovering 75,000 jobs. DOR predicts that Wisconsin will recover close to 25 percent of jobs lost by the third quarter of 2020, and 75 percent by the second quarter of 2021. Wisconsin, similar to the rest of the country, will take about two years to fully recover to pre-COVID-19 employment levels. DOR forecasts the unemployment rate to decrease to 8.6 percent by the end of the year and below 5 percent by the end of 2022.