In the midst of the worst recession since World War II, U.S. businesses and consumers face uncharted economic conditions in 2009. On January 14, 2009 WAGE and its campus partner CIBER, together with the Madison International Trade Association (MITA), sponsored a luncheon program about what these challenges mean for Midwestern firms.
William Strauss, senior economist and economic advisor in the economic research department of the Federal Reserve Bank of Chicago and Jane Mezera, vice president and corporate trader in the Currency Exchange Department of US Bank in Milwaukee, discussed economic figures for 2008 and talked about their expectations for the year ahead. Strauss and Mezera agreed that 2009 will be difficult for economies around the world. While Wisconsin’s unemployment rate remains one of the lowest in the Midwest, there are signs that it may rise during the course of 2009. Strauss said that in 2008, manufacturers of consumer goods faced declining sales overseas. For 2009, he predicted that falling commodity prices worldwide will affect heavy equipment manufacturers’ sales, possibly resulting in more job losses. Mezera focused on the sharp drop in economic activity in emerging economies and predicted continued currency volatility. In this environment, she emphasized the importance of a hedging strategy for U.S. companies doing business overseas.
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News Articles:
WPR Article
WisBusiness.com Article
