Month: December 2025

The Commerce Department on Friday reported that the personal consumption expenditures (PCE) index rose 0.3% in September from a month ago and is up 2.8% from last year.

Core PCE, which excludes volatile measurements of food and energy prices, was up 0.2% on a monthly basis and 2.8% year over year.

Federal Reserve policymakers are focusing on the PCE headline figure as they try to bring inflation back to their long-run target of 2%, though they view core data as a better indicator of inflation. Headline PCE was flat at 2.8% from August to September, while core PCE declined slightly from 2.9% to 2.8%.

Prices for goods were up 1.4% in September from a year ago, an acceleration from the 0.9% reading in August and the 0.6% readings reported in both June and July.

Durable goods were up 0.9% from a year ago in September, a slight deceleration from the 1.2% reading in August. Nondurable goods price growth accelerated in September, rising 1.7% compared with last year following a 0.7% reading in August.

Services prices were up 3.4% in September from a year ago, slightly cooler than the 3.6% reported in August.

Governor Tony Evers has appointed a new leader to the Wisconsin Economic Development Corporation, the governor’s office announced Wednesday.

John W. Miller will become the agency’s secretary and CEO beginning December 15. WEDC’s past secretary, Missy Hughes, stepped down in September and announced a bid for governor that month.

Miller is a Marquette Law School graduate who previously served as a congressional staffer in Washington, D.C. for Wisconsin’s 4th Congressional District.

He became the CEO of his family’s agricultural equipment manufacturing business in 2008, and founded a venture capital fund in Milwaukee to invest in Midwest startups in 2015, according to the governor’s office.

In a statement, Governor Evers said Miller has a “proven track record” of success in both the public and private sectors and called him “uniquely qualified” to lead the state’s economic development agency.

“John understands what it takes to build the 21st-century economy Wisconsinites need and deserve, and I have no doubt that his leadership will help us continue our work toward a stronger future for our state and communities across Wisconsin,” the governor stated.

Miller also served on the Library of Congress Trust Fund Board of Directors during the Obama Administration, and the United States Trade Representative Advisory Committee for Trade Policy and Negotiations during the Biden administration.

On Tuesday, the Public Service Commission of Wisconsin (PSC) announced the latest major milestone in the state’s efforts to expand high-speed internet statewide under a federal program designed to expand access to high-speed internet across the country.

On December 2, the federal government approved Wisconsin’s final proposal, which will unlock over $1 billion in federal investments secured under the 2021 Bipartisan Infrastructure Law. The Evers Administration’s proposal aims at expanding access to high-speed internet to more than 175,000 homes and businesses across the state.

The more than $1 billion in federal investments are unlocked through the National Telecommunications and Information Administration (NTIA) approving Wisconsin’s final Broadband Equity, Access and Deployment (BEAD) Program proposal. As approved by NTIA, the awards will provide funding to serve all BEAD-eligible locations throughout the state with the support of more than $397 million in matching funds provided by recipients.

Funding will also support high-speed fiber internet services at Community Anchor Institutions such as schools, libraries, and local government and educational facilities. The breakdown of technologies represented in the awards is 76 percent fiber, 10 percent fixed wireless, and 14 percent satellite. With this NTIA approval, environmental review and final engineering of projects can now begin, and infrastructure construction is expected to commence in 2026.

Governor Tony Evers this week is kicking off the holiday season, celebrating “Shop Small Wisconsin Season” and encouraging Wisconsinites to shop at Wisconsin’s many local small businesses during the holidays.

For the fifth consecutive year, Governor Evers has proclaimed the weeks between Small Business Saturday through the end of the year as “Shop Small Wisconsin Season.” This year, the Shop Small Wisconsin Season will take place from November 29, 2025, through December 31, 2025, encouraging Wisconsinites to shop local and support Wisconsin’s Main Streets and small businesses during the holiday season. A copy of the governor’s 2025 Shop Small Wisconsin Season proclamation is available here.

“From retail and art to restaurants and coffee shops, small businesses are the hearts of our main streets, supporting Wisconsin families, creating community spaces, and bringing unique products and services to every corner of our state,” said Governor Evers. “Small businesses are more likely to buy supplies locally, hire locally, and give back to their communities, making them powerful drivers of our local and statewide economies. As Wisconsinites set out to do their holiday shopping, we are encouraging folks to keep their dollars local, and we look forward to getting out and meeting with many of our state’s incredible small business owners in the days and weeks to come.”

Throughout the Shop Small Wisconsin Season, the governor and members of his administration are encouraging all Wisconsinites to celebrate small businesses and the many contributions they make to communities across the state, to explore new small businesses and champion their success, and to show support for their neighbors and communities by shopping local this holiday season at their favorite small businesses. More information about the Shop Small Wisconsin Season, including ways to participate and facts and figures about the impact of shopping small during the holidays, is available on WEDC’s website here.

Agricultural bankers in Wisconsin and neighboring states report feeling pessimistic about farmers’ profitability at the end of 2025.

Surveys by the Federal Reserve Banks of Minneapolis and Chicago found tougher farm credit conditions in the third quarter of 2025. Surveyed farm lenders reported lower rates of loan repayment and higher demand for extensions and new loans.

The bankers projected those trends to continue for the final quarter of the year, despite the expectation for a strong corn and soybean harvest this fall. More than 80 percent of respondents to one survey expected farm income to be lower than a year ago.

Joe Mahon, regional outreach director for the Federal Reserve Bank of Minneapolis, said during a webinar on the data that a continued slump in crop prices is driving farm incomes down.

“We’re seeing, overall, the market conditions are sort of dominating,” Mahon said during the presentation. “Strong production should offset some of (the lower prices), so that’s good news to farmers. But we’re not necessarily seeing that balance out in terms of higher income because prices are so low.”