Federal Reserve Official: Ag, Manufacturing Will Face Challenges In 2016

Some prominent Wisconsin industries may face economic headwinds this year, according to one federal banking official.

In 2015, the national economy grew about 2 percent and the year ended with an unemployment rate of 5 percent. Charles Evans, the president of the Chicago Federal Reserve Bank, expects similar domestic economic growth this year, but said it won’t be smooth sailing for Wisconsin manufacturers and agricultural producers.

“These are firms that sell their products in global markets,” said Evans. “They face challenges, as do oil, gas and mining companies and their suppliers.”

Evans said the slowdown in global economic growth and declining commodity prices could affect the state’s agriculture and manufacturing industries in long term.