Only 11 of the 23 area economic indicators tracked by the Metropolitan Milwaukee Association of Commerce posted year-over-year gains in December, according to the latest monthly report from the MMAC.
That is the fewest number of growing economic indicators since January of 2012, when only nine improved year-over-year, according to Bret Mayborne, economic research director for the MMAC.
In November, 13 area economic indicators posted gains, according to the MMAC.
Metro area employment fell 0.5 percent in December, year-over-year, to 855,600, a decline of 4,700 jobs. Six of 10 major industry sectors posted year-over-year declines in December, led by the area’s construction, mining and natural resources sector, which saw employment dip 7.4 percent.
“The weak job picture has been the principal cause of the recent sluggishness (with the area’s economy),” the MMAC report states.
Nonfarm employment in the area dipped for three consecutive months at the end of 2016.
But the area’s economic picture was brighter for the full year of 2016, in which 17 of the 23 economic indicators tracked by the MMAC posted gains from 2015.
“The overall trend for 2016 as a whole was relatively positive,” Mayborne said.
Air passenger traffic at Mitchell International Airport rose 3.2 percent for 2016 and was up 2.1 percent in December, year-over-year.
The area’s unemployment rate dipped to 3.9 percent in December, on a non-seasonally adjusted basis, down 0.5 points from a year ago.
Area home sales were up 7 percent for the year, but were down 2 percent in December, year-over-year.
New car registrations in December were down 7.8 percent.
Read more economic data reports at the BizTracker page.
