Last week, the Washington Post reported manufacturers, retailers and other employers across a wide range of industries added 262,000 workers, the largest monthly jobs increase in four months. The stock market responded favorably, as the Dow Jones Industrial average and the Standard & Poor’s 500-stock index closed at their highest levels since the summer of 2001.

This report coincided with news that Wisconsin’s economy is expected to outperform the strong national economy. A paper written by Donald Nichols, a University of Wisconsin economics professor and an expert on the state’s economy, was presented Friday to the semi-annual Economic Outlook conference here.

As quoted by Avrum D. Lank of the Milwaukee Journal-Sentinel, Nichols commented, “We are in the sectors that are doing well,” noting in his paper, “Because of the strengthening demand for skilled workers I foresee in 2005, labor shortages may become more widespread in Wisconsin as the year wears on.” In turn, this demand would facilitate increased hiring throughout the state.

For at least the past two years, many Democrats and members of the mainstream media have talked down the economy, refusing to acknowledge that growth could occur under President George W. Bush’s administration. Good economic news became bad news for those seeking to unseat Bush.

When news hit in October 2003 that the U.S. third quarter gross domestic product grew at the fastest rate in nearly 20 years, Sen. John Kerry began focusing primarily on the jobs market, insisting that we had a “jobless recovery.” As this column has explained several times, employment figures typically lag after economic growth. The national unemployment rate has hovered between 5.2 and 5.4 percent over the past several months, nearly identical to the rate under President Bill Clinton in 1996. To those who follow economic trends, these figures and last week’s announcement should come as little surprise.

As good employment news continues, attention has shifted to the devaluation of U.S. currency against the euro. Recently, investor Warren Buffett gained $1.84 billion in betting against the U.S. dollar. While this trend has caused alarm among some, it also has contributed to the optimism at last week’s conference.

While Buffett made out like a bandit in his investment, Wisconsin’s economy also stands to benefit, as national and international demand for capital goods made in Wisconsin will see a healthy increase. Lank’s story summarized the situation saying, “Wisconsin produces more than its share of such goods, so the boom will help it more than the rest of the nation. The weaker dollar in particular means that the machinery and industrial parts made in Wisconsin can be sold overseas at competitive prices, Nichols said. That will lead to a boom in manufacturing in the state.”

So how does all this pertain to us as students? Perhaps it isn’t directly pertinent to all students, but it certainly is so for some. Of course, certain individuals will never expand their narrow focus beyond the amount of taxpayer dollars put into this university.

However, for those who earn a degree with the primary purpose of beginning a career after college, this comes as great news, and some students on this campus have already reaped the benefits. For example, Engineering Career Services (ECS) reports a 40 percent increase in the number of employers attending the 2005 spring career fair in comparison to spring 2004. ECS Associate Director Susan Piacenza says, “This is the best hiring situation we’ve seen for BS students since 2001.” Last Friday, ECS announced an extra career fair for next week with nearly 25 employers already scheduled to participate. Normally, engineering students only have one career fair per semester.

One could provide many more examples of recent economic growth, but the point is clear: students, particularly those graduating, have a strong economy to benefit from. Those who truly have the long-term best interests of young adults in mind will work to see that this economy and the policies that created it continue.

Mark Baumgardner ([email protected]) is a senior majoring in electrical engineering.