Most of the economic indicators tracked by the Metropolitan Milwaukee Association of Commerce improved in October, according to the MMAC’s latest economic trends report.
In October, 12 of the 23 economic indicators improved over year-ago levels, the report said. In September, 13 of the 22 (data for one wasn’t available) economic indicators tracked by MMAC showed year-over-year improvement.
October’s total marks the ninth time in ten months that a majority of local indicators pointed upward, the MMAC report says.
“While we’re still seeing more positive economic indicators than negative ones, the balance of positive and negative indicators has been relatively close throughout most of 2022. This gives us some pause as to the long-term sustainability of this trend,” said Bret Mayborne, MMAC’s vice president of economic research. “Among October indicators, the leisure and hospitality sector saw its first year-over-year job decline in 19 months as it comes off its pandemic recovery phase. Meanwhile, both earnings indicators for manufacturing production workers posted strong double-digit increases.”
Highlights of the data include:
- The trend in nonfarm jobs for the metro area suggests signs of slowing. October’s 1.3% year-over-year increase (to 849,600) ranked below both September’s 1.8% growth and the year-to-date increase of 1.5%.
- Six of 10 major industry sectors posted year-over-year employment growth in October. The professional & business services (up 6.8%) and construction, mining & natural resources (5.2%) sectors registered the strongest percentage gains.
- The job trend turned negative in the leisure & hospitality sector. After 18 consecutive months of year-over-year job gains, jobs fell 1.8% in October, to 71,800.
- The unemployment rate held steady in October after 18 consecutive months of post COVID-19, year-over-year improvement. October’s seasonally unadjusted unemployment rate was 3.3%, matching October 2021’s rate. Milwaukee’s current rate was marginally lower than the national rate (3.4%) but higher than Wisconsin’s 2.8%.
- Production workers average hourly earnings were up 19.9% over year-ago levels, and average weekly earnings were up 16.8%. Manufacturing jobs increased 1.2% over October 2021 while a production worker’s average weekly hours fell 2.6%.
- New car registrations in the metro area rose 10.5% vs. year ago levels (to 845), up from the 7.1% decline registered in September and the first year-over-year increase in 16 months (since June 2021).
- Metro area existing homes sold were down 30.8% vs. one-year ago, and mortgages recorded in Milwaukee County were down 40.8%.
