Month: July 2022

Wisconsin companies will pay 8.47 percent less in worker’s compensation insurance rates starting October 1, 2022, giving a boost to businesses​ around the state, the Wisconsin Department of Workforce Development reported.

The 2022 rate decrease, approved by the Wisconsin Commissioner of Insurance, marks the seventh year in a row worker’s compensation insurance premiums have declined in Wisconsin. The latest reduction in premiums is expected to save Wisconsin employers some $146 million.

“Strong partnerships among employers, workers, training providers, and other stakeholders are helping to keep employees safe and healthy on the job,” said DWD Secretary-designee Amy Pechacek. “Wisconsin’s proactive, collaborative approach is delivering real benefits for workers and their families while supporting the competitiveness of employers statewide.”

Worker’s compensation insurance rates are adjusted annually by a committee of actuaries from members of the Wisconsin Compensation Rating Bureau. This independent body examines and selects the methodology and trends that produce the proposed rate adjustment, which is then reviewed and approved by the Wisconsin Commissioner of Insurance. While the overall rate level will decrease by 8.47 percent, the impact to policyholders will vary based on specific circumstances.

Wisconsin’s housing market is still being affected by lack of supply, according to a report from the Wisconsin Realtors Association.

Statewide median prices have gone up 10 percent through six months this year compared to the same timeframe in 2021.

However, overall listings during the month of June were down 14 percent compared to June 2021.

WRA President and CEO Mike Theo is anticipating that the current high demand is going to settle down by the end of the year.

“Without more inventory or a slowing down of demand to bring that equilibrium, we’re still going to see this upward pressure on prices and that means we’re going to start pricing more and more families out of the market,” Theo said.

U.S. retail sales rose 1% in June, from a revised decline of 0.1 % in May, the Commerce Department said Friday.  The retail sales report covers about a third of overall consumer spending and doesn’t include services, such as haircuts, hotel stays and plane tickets.

The figures aren’t adjusted for inflation and so largely reflect higher prices, particularly for gas.

Kathy Bostjancic, chief U.S. economist at Oxford Economics, said that excluding inflation, retail sales still rose about 0.3% in June, up from a contraction of 0.4% in May. She expects the economy to grow at a slim 0.5% annual rate in the April-June quarter, after shrinking in the first three months of the year.

The report showed consumers’ ongoing appetite for non-essentials like gadgets and furniture. In fact, sales at furniture stores rose 1.4%, while consumer electronics stores rose 0.4%. Online sales showed resurgence, posting a 2.2% increase. Business at restaurants was up 1%. But department stores took a hit, posting a 2.6% decline.

Dr. Fred Prehn, the former head of the Wisconsin Natural Resources Board, can continue to serve on the policy-making board now that the Wisconsin Supreme Court has ruled it’s legal for him to remain.

Wisconsin Attorney General Josh Kaul sued to remove Prehn from the NRB in August. The board’s former chair has refused to step down from the policy-making body after his six-year term expired in May last year. Former Republican Gov. Scott Walker appointed Prehn in 2015.

“(T)he expiration of Prehn’s term on the DNR Board does not create a vacancy. Prehn lawfully retains his position on the DNR Board as a holdover,” wrote Chief Justice Annette Ziegler for the majority. “Therefore, the Governor cannot make a provisional appointment to replace Prehn.”

The court found a vacancy is only created when a person dies, resigns, or is removed for cause.

Prehn’s decision to stay on the board has blocked Democratic Gov. Tony Evers’ appointee Sandy Nass from taking a seat. Evers appointed Nass and Sharon Adams to the board in April of last year to fill vacancies left by members whose terms expired, including Prehn.

Prehn could remain on the board for years if Republican lawmakers refuse to confirm Evers’ appointee. The state Senate adjourned its latest session earlier this year without confirming Nass.