A very good jobs report and better revisions means things might not be as bad for US workers.

After a massive Dem win where economic concerns and inequality played a major role, Friday's US jobs report offered data that seemed to conflict with what the voters were saying.

Job growth surpassed expectations in October, new data showed Friday, with the US economy adding 165,000 jobs.

The unemployment rate fell to 4.1% from 4.2%, according to Bureau of Labor Statistics data.

Job growth in the previous two months was stronger than initially reported, with a total of 84,000 jobs added: August was revised upwards by 53,000 to 186,000; and September gains totaled 60,000, up from 29,000.

This means that job growth over the last 3 months is now near 2-year highs, with a clear upswing in the last couple of months.

There also was a positive move in average hourly wages, as the originally reported 0.1% increase for hourly wages in September got revised up to 0.3%, and October had another increase of 0.4%. Which means nominal hourly wages are now at their best 3-month growth rate in more than a year.

So if you think the Bureau of Labor Statistics were rigging these numbers to make Trump look good, these revisions indicate their timing sure sucks about it. Not that I think it would have made a big difference in Tuesday's results (costs were still generally rising higher than wages in these months), but I'll be interested to see if this makes consumer spending a bit more resilient than we thought it would be as 2026 ends.

The jobs report also featured a rebound in some key sectors, with the top two sectors listed here seeing especially strong gains in health care and consulting services.

There's also the gain of 19,000 manfuacturing jobs, which had been hinted at in recent reports from ISM as well as other data, and it continues an upswing in manufacturing jobs that started a few months ago after multiple years of losses.

The drop in construction jobs may just be a one-month blip after that sector has boomed in recent years. But it's worth keeping an eye on, given that overall US construction spending dropped by 1.9% in September, and residential construction dropped by 5.5%. So are higher interest rates and crowding out that data centers are causing starting to show up in a lack of home-building?

I'm not sure if this October report is indicative of the AI Bubble at its peak, given how the NASDAQ has fallen nearly 11% in the last month, and the major voter backlash against tech businesses and the speed of buildouts in the recent midterms. Or is this indicative that businesses finally have to hire after reaping the benefits and higher profits from significant worker productivity gains over the last few years?

I don't see these better jobs number as showing that we have had some kind of boom in the overall US economy, and the typical American still is struggling to pay increasingly expensive bills. But the lack of layoffs and increased output certainly means the US is not in recession, and it won't be until we see consumer spending slow down and/or more people start filing for unemployment.

Wall Street euphoria from Dem win lasts 1 day, then reality sets back in

The day after Democrats whupped up on Republicans in Tuesday’s elections and took over both houses of Congress, the US stock market took off, seemingly happy about the change in power.

Stocks ripped higher on Wednesday as a decisive victory by Democrats in the U.S. midterm elections — and President Donald Trump’s acceptance of the results — removed political uncertainty risk hanging over Wall Street.

Democrats won majorities in both the House of Representatives and Senate, and scored victories in key gubernatorial races like Texas. The Democrats will now be a check on the policies of Trump, who’s enacted business-friendly tax cuts, while also pursuing tariffs and a war in Iran that’s boosted inflation.

The Dow Jones Industrial Average jumped 1,569.40 points, or 3.03%, to close at 53,356.12. The 30-stock index moved back above 53,000 for the first time since Sept. 8 and posted its best day since April 9, 2025, when Trump announced a pause on his so-called reciprocal tariffs. The S&P 500 gained 1.58% to end at 7,688.62, while the Nasdaq Composite jumped 1.44% to 25,736.51.

Stocks extended their gains after U.S. crude oil fell more than 8% as Vice President JD Vance blamed the Iran war for the election losses the Republican party suffered Tuesday. Brent futures traded more than 8% lower as well.

“There’s just going to be even more pressure to end the war,” said Peter Boockvar, chief investment officer at One Point BFG Wealth Partners. “The American people have obviously expressed their displeasure with inflation and the price of gasoline, amongst other things, and maybe this just pushes for an end to it. We’ll have to see.”

I don’t see a lot of actual economic reasons given for that big rally, do you? Just a lot of hopes for what the future may hold and assuming the results will work out.

Reality sunk back in today, and all the “relief” from Wednesday went away.

US stocks plunged on Thursday as AI and chip stocks sold off, erasing the gains from Wednesday's post-election rally.

The Dow Jones Industrial Average (^DJI) tumbled 3.4%, or more than 1,800 points. The S&P 500 (^GSPC) fell 4.3%, and the Nasdaq Composite (^IXIC) dropped 5.5%, with the tech-heavy index closing in correction territory.

The PHLX Semiconductor index (^SOX) plummeted more than 10% as Nvidia (NVDA), Micron (MU), and other chip names sank. Wall Street unloaded this year's AI winners, while large-cap tech stocks saw the worst day since the COVID-19 pandemic sell-off.

So you’re saying the AI Bubble is still running on empty after the election, just like it was before it?

Yeah, things are still not good in the real world. Same goes for the inflation situation. Sure, gas prices are down from where they were a couple of weeks ago, and the recent drop in oil prices likely means our national average will drop below $4 a gallon for the first time since July. But they’re still 33% above where it was a year ago, and well above any November price we’ve seen in the last 4 years.

Higher shipping and input costs are still working their way through the supply chain, given that September had the largest increase in Producer Prices in 4 ½ years. Those higher prices will likely make their way to store shelves in October and November, while we find out on Friday if year-over-year hourly wage growth continues at 3%, or even goes below that awful level.

And this week, we got more evidence that costs kept going up at a rapid pace with the release of the ISM manufacturing and the ISM services indexes. For example, here’s what the report mentioned about prices for service firms.

“The Prices Index registered above 70 percent for the seventh time in eight months; the reading of 73 percent in October is 1 percentage point below September’s figure of 74 percent. The index has exceeded 60 percent for 23 straight months, and its 12-month average increased by 0.2 percentage point to 69.2 percent, the highest since April 2023.”

And here’s what manufacturers were saying last month regarding their input costs.

The ISM® Prices Index registered 75.2 percent in October, 2.7 percentage points lower than the 77.9 percent reported in September; this reading also indicates that raw materials prices increased for the 25th straight month. Five of the six largest manufacturing industries — Machinery; Computer & Electronic Products; Chemical Products; Transportation Equipment; and Food, Beverage & Tobacco Products — reported price increases in October. “The Prices Index reading is still being driven by (1) increases in steel and aluminum prices that impact the entire value chain, (2) tariffs applied to many imported goods and (3) increases in petroleum-based products as a result of the Middle East conflict. Higher prices were reported by 53.1 percent of respondents in October, down 5.5 percentage points from September’s 58.6 percent,” says Spence. A Prices Index above 52.8 percent, over time, is generally consistent with an increase in the Bureau of Labor Statistics (BLS) Producer Price Index for Intermediate Materials.

In October, the 16 industries that reported paying increased prices for raw materials, in order, are: Furniture & Related Products; Printing & Related Support Activities; Fabricated Metal Products; Nonmetallic Mineral Products; Electrical Equipment, Appliances & Components; Machinery; Paper Products; Textile Mills; Wood Products; Miscellaneous Manufacturing; Computer & Electronic Products; Primary Metals; Chemical Products; Plastics & Rubber Products; Transportation Equipment; and Food, Beverage & Tobacco Products. No industries reported paying decreased prices for raw materials in October.

Woof.

Sure, the production side of things kept moving along at a strong pace in October, and jobless claims remain below 200,000 a week. But the continued inflationary cycle and looming comedown from AI overproduction is a continuing cloud. With the stock market resuming its one-month slide on Thursday's plummet, it reflects the reality that this week's Democratic victory isn't going to immediate fix everything that got screwed up under Trump/GOP in the last 2 years.

Crowley, Dems gain big in higher-populated and educated parts of Wisconsin. Now they will run it all

Well, how was YOUR Election Night?

Decision Desk HQ projects David Crowley wins the WI Governor General Election #DecisionMade: 10:20 PM EST Follow live results here: votes.decisiondeskhq.com/races/2026-1...

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— Decision Desk HQ (@decisiondeskhq.bsky.social) November 3, 2026 at 9:21 PM

BREW WAVE: Milwaukee County Executive David Crowley won the race for governor, Democrats picked up 11 seats in the state legislature, and the first Democratic trifecta in a generation is coming in 2027. www.therecombobulationarea.com/p/brew-wave-...

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— Dan Shafer (@danshafer.bsky.social) November 4, 2026 at 3:41 PM

And now we can move this state into the 2020s...and the 2010s for that matter.

As I was looking at the results coming in, it was obvious at an early time that Crowley was going to win, especially as the larger-population counties were showing shifts toward Dems (more on that in a second). But I also was looking at a lot of the early county-level results, and a lot of outstate Wisconsin wasn't seeing its margins change much at all from 2022, when Tony Evers won by 3.4%.

Some of this may have been connected to Tiffany having an advantage as a Congressman that represented almost all of area code 715 in the state. But there's a flip side to that part, which is that the more urbanized and educated parts of the state swung hard towards Crowley. I'll quote this part of my preview of the Governor's race from earlier this week.

Crowley should hope to get at least 80% in the City of Milwaukee, and I wonder if he can use his hometown status to crank up the turnout in the City so its vote share gets back toward that 8% in 2018 vs the 6.5% it was at in 2025. Crowley continuing the Dems' strength in the Milwaukee County suburbs is also a must, and doing so would likely help Dems downticket, as two of the Assembly seats most likely to flip to Democrats on Tuesday are in Milwaukee County. Since Crowley is the County Executive, it puts an extra layer of interest on those suburban results - does he overperform because he's liked and better known than Tiffany, or underperform as the known quantity? I think the answer will be "overperform", but let's see for sure on Tuesday.

And the City and the burbs in the 414 turned out bigtime for the Milwaukee County Executive last night. Not only did the City of Milwaukee grab a larger share of the electorate than it had in either the 2022 election or the 2025 Supreme Court election, but he won a higher percentage of the votes in the City and County than Susan Crawford won by in her double-digit blowout in 2025.

Maybe it had something to do with the Tiffany campaign and his oligarch supporters running a steady stream of gross, racist, anti-Milwaukee ads? It sure seems like the 414 struck back at those lowlifes in a big way on Election Night.

Crowley continued that Dem overperformance in the Republican-leaning WOW Counties in the Milwaukee suburbs. nearly matching Crawford's percentage from 2025, and doing 3% better than both Evers in 2022 and Kamala Harris in 2024 (when the WOW was the only part of Wisconsin where Harris improved from 2020).

I made a comment on my preview about Crowley winning Dane County by 200,000 votes on Tuesday. Bold number, but I ended being close, as Crowley ended up with more than 250,000 votes in Dane County while Tiffany had less than 61,000. That's an increased margin in Madison's county by more than 15,000 compared to Evers in 2022, with Crowley getting to the 80% mark.

Pour your misery down on me, WisGOP.

There were only four counties that Crowley flipped last night compared to what Evers won in 2022, but they were all higher-population ones that included cities like Green Bay, Oshkosh, Racine and Kenosha. In addition, Crowley expanded on Evers' wins in 3 counties that have UW campuses and were located in the 3rd Congressional District (which will now be represented by Dem Rebecca Cooke instead of Small-D Van Orden).

Margins of Dem victory, 2022 vs 2026
Eau Claire Co.
2022 - Evers by 17
2026 - Crowley by 23

La Crosse Co.
Evers by 18
Crowley by 21

Portage Co.
Evers by 8
Crowley by 12

Put it together, and Crowley pulled Crawford-like margins in the Fox Valley's BOW Counties, as well as ending up over 50% in Racine and Kenosha Counties. Crowley ended up outperforming Evers outstate by 2% almost entirely due to that strong performance in the college counties, and was nearly 5% better than Harris vs Trump.

So that's how David Crowley got a win of more than 8 points statewide, and helped Dems flip both houses of the Legislature. GOPs got drilled in any area of the state that has any decent amount of People of Color or with people that didn't peak at age 18 and learned stuff beyond high school. And now we get to see our state evolve and finally take the last step to move ourselves out of the Walker/Vos era.

This is gonna be fun. LET'S FUCKING GO!

Tuesday's election, by the numbers and the turnout

Ahead of Tuesday's election for Governor in Wisconsin (along with a lot of other state offices and legislative seats), I wanted to do my typical rundown of the factors to look for in both vote results and turnout. This time, I want to look at the patterns of turnout and results from the last 2 Governor's elections in the midterm years of 2018 and 2022, which each had turnouts between 2.65 million and 2.68 million. I also want to add in the 2025 Supreme Court election, which had well over $100 million in spending and midterm-like turnout of 2.36 million votes statewide.

Remember this idiocy?

As I usually do, I am going to split out the state's electorate into 7 distinct geographies.

1. The City of Milwaukee
2. The rest of Milwaukee County outside of the City of Milwaukee
3. The 3 suburban/exurban counties to the north and west of Milwaukee - Waukesha, Ozaukee and Washington, collectively known as the WOW Counties.
4. Dane County, which includes the capital city of Madison.
5. The Fox Valley counties of Brown, Outagamie, and Winnebago, collectively known as the BOW Counties.
6. Racine and Kenosha Counties in the SE corner of the state.
7. The other 62 counties throughout the rest of Wisconsin.

When you look at Wisconsin's vote totals, you can see that slightly more than half of the votes come from the 10 counties listed in those first 6 segments, and just under half is from those other 62 counties in the rest of the state.

There are two trends in those electorate shares that seem important to remember. The first is that the City of Milwaukee had over 8% of the votes in Tony Evers' first election in 2018, but that share dimished significantly in 2022, and got even smaller in the 2025 Supreme Court election.

And the second is that 1% more votes in the state came from Dane County in 2025 than it did in 2018, befitting a place that has added more than 80,000 people between 2018 and 2025, by far the most of any other county in the state. The only other place to grow their share of the Wisconsin electorate in both 2022 and 2025 were the WOW Counties, and Dane County's increased share of 1.1% over those 7 years was nearly triple the 0.4% gain in the WOW Counties.

Now I want to look at how Democrats and Republicans fared in those 3 statewide elections, and I want to add the results of the 2024 Presidential election in Wisconsin to have that as another baseline for election results. Let's review the outcome of those 4 elections.

2018 - Dem Tony Evers beats GOP Scott Walker by just over 1%.
2022 - Dem Evers beats GOP Tim Michaels by 3.4%.
2024 - GOP Donald Trump beats Dem Kamala Harris by a bit under 0.9%.
2025 - Dem-supported Susan Crawford crushes GOP-backed Brad Schimel by just over 10%.

So let's look at how these 7 areas of the state voted, and I think it'll give us a good list of benchmarks to go off of as the results come in for Tuesday.

The City of Milwaukee is a Dem stronghold, but Donald Trump limited the Dem vote share to 77% in 2024, which is a big contrast to when the Dem candidate pulled over 80% in their wins in 2022 and 2025. On the flip side, Evers made big gains in the Milwaukee County suburbs between 2018 and 2022, Trump didn't gain much back for 2024, and then Crawford nearly won the Milwaukee County burbs 2-to-1 in 2025.

Crowley should hope to get at least 80% in the City of Milwaukee, and I wonder if he can use his hometown status to crank up the turnout in the City so its vote share gets back toward that 8% in 2018 vs the 6.5% it was at in 2025. Crowley continuing the Dems' strength in the Milwaukee County suburbs is also a must, and doing so would likely help Dems downticket, as two of the Assembly seats most likely to flip to Democrats on Tuesday are in Milwaukee County. Since Crowley is the County Executive, it puts an extra layer of interest on those suburban results - does he overperform because he's liked and better known than Tiffany, or underperform as the known quantity? I think the answer will be "overperform", but let's see for sure on Tuesday.

Much like the Milwaukee County suburbs, Dems also have gained in the WOW Counties during elections since 2018. The WOW Counties are still pro-Republican, but Dems have been successful in cutting into what used to be massive GOP margins. Evers didn't get 1/3 of the votes from the WOW Counties when he beat Walker, but he got more than 38% against Michels four years later. And while the rest of the state was sliding toward the GOP in 2024, the WOW Counties did not, and then Crawford grabbed another 3.16% of the votes against former Waukesha County DA Schimel.

Milwaukee County and the WOW Counties account for more than 1/4 of all the votes in Wisconsin, and those votes have all become more Democratic in the last 8 years. Do you see Tom Tiffany doing anything that would stop this trend for 2026? I sure don't, especially given that all he is offering down the stretch is anti-Milwaukee resentment and Trumpian anti-immigrant fear mongering. In addition, Crowley overperformed in the WOW Counties during the Dem primary in August, beating Francesca Hong by 8-12 points in each of those 3 places.

Dane County is also a major Democratic hub for Wisconsin, but much like the City of Milwaukee, there has been some variance in just how Democratic it is. In the close races of 2018 and in 2024, more than 1/4 of the votes did not go to Dems. But Evers went up by nearly 4% in 2022 vs 2018, and then Crawford blasted into the low 80s when she blew Schimel out of the water in 2025.

Given recent trends, the Tiffany campaign would hope to get back toward Walker's 2018 totals and Trump's 2024 totals in Dane County, while Crowley should be looking to at least do as well as Evers' 78.6% in 2022, with 80% as a realistic goal. Add in the growth in Dane County in general, and Crowley running the score in the Madtown area would be a double-whammy for the Tiffany campaign, and it would be very hard to catch up if he's taking a 200,000-vote loss in Dane County.

The other 3 areas have similar stories to tell. All have been more Republican than the rest of the state in each of these elections, and the "Rest of the State" aggregate was a particular source of strength for Trump, as Dems barely exceeded 41% of the vote in November 2024. But Crawford got more than 47% in that mass of 62 counties just 4 months later, and won the agreegate vote of the BOW Counties in northeastern Wisconsin, as well as Racine/Kenosha in southeastern Wisconsin.

I think it is noteworthy that in 2022 Evers had a slight loss of votes in Racine/Kenosha, even as he gained in Milwaukee County, the WOW Counties, the BOW Counties, and Dane County. Some of that may have been due to the tension from the race riots in 2022 in Kenosha, but let's see if Crowley can keep Crawford's gains from 2025, or if it falls back. Racine/Kenosha are also going to be a key part of what may be a very close House race between GOP Bryan Steil and Dem Mitchell Berman, so keep an eye on those 2 counties for that reason as well. If it's 50-50 or even 52-48 GOP there, Crowley and Berman are both in very good shape.

For the BOW Counties, they seem to be trending bluer, although slowly. If Crowley wins them, he'll be winning the Governor's race by enough that will have a Dem trifecta. If Crowley is down around 45% in BOW, that's going to be in an election where Tiffany has a real chance to win.

While 45% would be a disappointment for Crowley in BOW, it's probably a goal for him to hit 45% in the 62 counties that make up the "Rest of the State", vs being down at Harris' 41% level. An extra layer of that question comes with the fact that Tiffany is a Congressman from Northern Wisconsin and Crowley is Dem of Color from a big city. If Crowley has results like Evers got in 2022 from the Rest of the State, that means any home-district advantage Tiffany may have didn't develop, and Dems will have improved their standing statewide, making flips in the State Senate and Assembly more likely.

This pre-election guide is worth what you paid for it, but I think it's at least some good baselines for you to sound like you know what you're talking about when people claim a candidate is "trailing" or "winning", because they're looking at results as they are being reported instead of caring about where the results are coming from, and how many votes are still left.

Milwaukee shows the way in October. On the field, and in the streets

Been an amazing month here in Wisconsin, and it culminated with something I never thought I'd see.

The power of this group of players who all played for each other and had a shared belief that they would stick with their plan, and make the plays to win? Incredible and inspiring to watch. Teams in sports change year after year, and the guys who won this title all won't be with the Brewers in 2027 (yes, there will be a season, even with the looming lockout). Too much to lose for everybody to throw it away). But with these Rings, this group will be linked forever.

And after an appearance in Lambeau Field the night after winning the title on Wednesday, Milwaukee held its parade for the MLB champs (Wow. Hold on......OK, I'm good again). Wisconsinites and other people connected to the state flocked to our state's largest city showed the love for the Brewers to the tune of 750,000 people (??!!).

Friday's parade also honored the greatness of today while also respecting the past history, and healing some wounds that dated back to 1982.

Know what you never saw? Stories about rioting or looting or other violence during these celebrations, like we'd seen in other cities when a team won a title. For both Wednesday night's clinching game and for the parade and celebration on Friday, it was peaceful and joyous on the streets of Milwaukee, as well as around the state. A multicultural crowd cheering on a multicultural team in a multicultural and fun place, with crowds of happy people able to get around well in a city that looked pretty wholesome on the TV.

Which makes the ending argument of Tom Tiffany and WisGOP for Tuesday's election all the more ridiculous: DAVID CROWLEY SUPPORTS ILLEGALS AND VIOLENT CRIMINALS! DON'T TURN WISCONSIN INTO MILWAUKEE!

That's all you MAGATs have? I dunno guys, I think a lot of people in our state went to Milwaukee in the last month and had a great time, and a lot of national media had great pictures of the Great Place on a Great Lake during the Brewers run. I bet the City and its people came off a lot better than most of the places that World Series viewers live in.

And how much is "SCARY LATINO IMMIGRANTS" going to scare everyday Wisconsinites when the emotional leader of the Brewers and MVP of the World Series is a Venzuelan that helped organize an event this Summer in Milwaukee to raise tens of thousands of dollars in relief efforts for his homeland, after it was stricken with a severe earthquake.

United for Venezuela 💙🇻🇪 Today, William Contreras, Jackson Chourio and Nestor Corredor teamed up with Forward Latino, Blessed Sacrament Catholic Church, Our Lady Queen of Peace Parish and several community leaders, including @MayorMKE, to launch the “United for Venezuela” Emergency Relief Effort More than a dozen Brewers players came out to support, and cars were lined up for several blocks to donate. Thank you to everyone who came out to support! #BeyondTheDiamond

— Milwaukee Brewers (@Brewers) June 29, 2026

Maybe there's a lot we can take from the Brewers' championship run. Including how working together and believing in each other can make things better, and maybe in how Milwaukee ain't so bad or depressing as dumb white people from Nowheresville are told it is.

Let's have people in charge of this state that like the Great Place on a Great Lake, and the people who live in it. And we should stop robbing that city and its metro region of all that it contributes to the state, and invest in it to keep it on the good trajectory that it clearly is on today. You know, like how Republicans love to use tax dollars in the parts of the state they come from.

September spending and income growth both slowed down while prices kept going up

As midterms loom for next week, we got the last big nationwide economic report on Thursday, with the release of September's income and spending report, along with related inflation news. And not surprisingly, prices rose more in that month, as a gallon of gas reached its highest cost since May.

Inflation accelerated in September as consumers paid more for gasoline and other goods, supporting economists' expectations of an interest rate increase from the Federal Reserve in December.

The Personal Consumption Expenditures Price Index climbed 0.5% last month after an unrevised 0.3% rise in August, the Commerce Department's Bureau of Economic Analysis said on Thursday, Oct. 29. The increase was in line with economists' expectations. In the 12 months through September, PCE inflation advanced 3.6% after an unrevised 3.4% rise in August.

And American consumers cut back last month, not spending any more than that higher rate of inflation.

Higher prices inflated consumer spending numbers in September. Consumer spending, which accounts for more than two-thirds of economic activity, rose 0.5% last month after an unrevised 0.9% increase in August, the BEA said.

When adjusted for inflation, consumer spending was unchanged last month, heading into the fourth quarter on a weaker growth trajectory. Spending increased at a 3.8% rate in the July-September quarter.

Even worse, incomes only rose by 0.2% in September, well below inflation. And it continues a trend of subpar income growth that started in June.

In addition, income from work has had the smallest increases in back-to-back quarters since at least 2024, even as inflation was rising at the same time.

Those numbers also mean that inflation-adjusted income per capita in America has barely grown since January, and growth in this statistic has significantly slowed down after a strong recovery in the second half of 2022 and all of 2023.

So while the US economy and consumer spending might have grown well for it's overall level in Q3 2026 (as illustrated by 3.4% GDP growth with 3/4 of that growth being from consumer spending), it didn't end the quarter well, with income growth and consumer spending slowing while inflation went up. And when the artificial stimulus of election-related spending goes away after next week, how much is growth going to continue going forward?

Wisconsin jobs lose August's gains, but nothing to worry about, and finances look good

With Brewermania and an unusually warm October taking up more of my time than normal, I didn't pass along two big bits of Wisconsin data that came out in recent weeks.

The first was the Wisconsin jobs report for September. And I'll start my breakdown by noting that August had a sizable jobs gain, adding 11,500 jobs on a seasonally-adjusted basis. But the "seasonally-adjusted" part is important, as things fell back to earth as Summer ended in our state.

Nonfarm Jobs – The total nonfarm jobs in the state were 3,043,300, a decrease of 13,700 over last month.

Ooof. That erases the gains of August and adds another 2,200 in losses on top of that. At the same time, the state did report more private sector jobs in September than in July.

More than anything, this seems to indicate that more Wisconsinites held onto their jobs through mid-August, and more of those seasonal layoffs happened between mid-August and mid-September and not earlier.

Change in all jobs, Wis
August
Seasonally adjusted +11,500
Non-seasonal adjust. +6,400

September
Seasonally adjusted -13,700
Non-seasonal adjust. -29,600

Change in private sector jobs, Wis
August
Seasonally adjusted +6,000
Non-seasonal adjust. -900

September
Seasonally adjusted -4,600
Non-seasonal adjust. -42,500

In addition, September's unemployment rate in Wisconsin stayed at 3.1% for the second month in a row. Since I don't consider September's snapback in the jobs report to be a harbinger of any kind of future losses, I think this means the state's jobs market is staying in a low-growth, low-unemployment situation that's not unlike the rest of the country.

We also got our first look at the state's revenue picture for Fiscal Year 2027, after we got better-than-expected numbers for Fiscal Year 2026. And things seemed to be off to a good start, especially with a big quarter-end payment of corporate taxes.

Let me remind you that this big jump in corporate taxes at the state level is happening at the same time that corporate tax revenues have significantly declined at the federal level due to Trump/GOP Tax Scam 2.0. So that should give you an idea just how much is being grabbed by these companies with the new (mostly temporary) incentives in place, and it means Wisconsin's fiscal situation gets better because we haven't cut corporate taxes in recent years.

I'm also betting that excise tax number looks better for October after this Brewers run, although what's missing from this equation is the reality that costs are going up on the expenditure side, and that could cause tighter budgets as the Fiscal Year ends and the unbudgeted inflation kicks in. But at least through September, Wisconsin's jobs and fiscal situation was in good shape through September.