Area economic indicators improved in October

Sixteen of 23 indicators showed gains in MMAC report

Economic indicators

Last updated on July 2nd, 2019 at 09:07 am

Business activity in the Milwaukee area improved in October, based on the monthly economic indicator report from the Metropolitan Milwaukee Association of Commerce.Economic indicators

In October, 16 of 23 economic indicators tracked in the MMAC report showed improvement compared to year-ago levels. That was the highest number of positive indicators since May and was an improvement from just 12 positive indicators in the September report.

“The aggregate total of positive indicators for October marked a measure of recovery from the relatively weak totals recorded in recent months,” said Bret Mayborne, the MMAC’s economic research director. “October’s positive trends was led by consistent job gains and lower unemployment rates.”

Nonfarm employment numbered 865,700 in October, the metro area’s highest job total posted in over seven years (since December, 2007). Employment rose at a 1.2 percent pace vs. year-ago levels, up from September’s revised 0.7 percent gain (vs. September, 2014).

Metro Milwaukee’s seasonally unadjusted unemployment rate fell one percentage point from year-ago levels, to 4.2 percent in October. Milwaukee’s rate ranks lower than the 4.8 percent national rate but higher than Wisconsin’s 3.6 percent rate.

Existing home sales in the metro area increased 3.7 percent in October, to 1,261. Mortgages recorded in Milwaukee County rose 2.6 percent in October.

Air passengers using Mitchell International Airport numbered 555,834 in October, a 0.3 percent increase from one year ago.

Read more economic data reports on the BizTracker page.

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Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.

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