Fewer metro Milwaukee economic indicators posted year-over-year gains in October compared to September, led by a year-over-year decline in jobs in the area, according to the latest economic trends report from the Metropolitan Milwaukee Association of Commerce.
In October, only 12 of 22 economic indicators tracked by the MMAC posted year-over-year gains, according to the report.
By comparison, 18 of those area economic indicators posted year-over-year gains in September.
The number of rising area economic indicators in October is the lowest since January of 2012, according to Bret Mayborne, the MMAC’s economic research director.
“A small, year-over-year, job decline in October was a principle factor, with broad-based declines registered among the majority of major industry sectors,” he said in a news release.
Nonfarm employment in the metro area fell 0.1 percent in October, from year-ago levels, to 866,700. That was the first year-over-year job decrease in the region in 73 months, or since September of 2010.
The “financial activities” sector had the largest jobs decline, down 4.9 percent.
The strongest sector for jobs was “trade, transportation & utilities,” which grew 3.7 percent in October, year-over-year.
Manufacturing workers in the area posted strong wage earnings compared to a year ago. Hourly earnings were up 5.7 percent and weekly earnings were up 2.9 percent compared to a year ago. Consumer price inflation rose 1.6 percent nationally over the same time period.
The metro Milwaukee unemployment rate (non-seasonally adjusted) was 4.0 percent in October, down from 4.5 percent a year ago. The non-seasonally adjusted national rate was at 4.7 percent, and the state rate at 3.5 percent.
New car registrations were down 22.4 percent to 1,863.
The number of homes sold rose 9.8 percent to 1,384, and the number of mortgages was up 17.5 percent to 2,617.
Read more economic data reports at the BizTracker pagee.
