Most metro Milwaukee economic indicators improved in July, according to the latest economic report from the Metropolitan Milwaukee Association of Commerce, but the number of positive indicators dipped slightly compared to June.
Of the 22 economic indicators with available information for July, 15 posted year-over-year gains during the month, compared to 16 that posted gains in June.
“While the aggregate number of positive indicators is down slightly from recent months, the majority of indicators continue to point upward,” said Bret Mayborne, economic research director for the MMAC.
July was the 54th consecutive month, dating back to January of 2012, that a majority of metro Milwaukee economic indicators have posted year-over-year gains, Mayborne said.
Highlights of the MMAC’s July economic report:
- The metro area has added 13,700 jobs over a year ago, a 1.6 percent increase.
- Seven of 10 major industry sectors had year-over-year job increases in July in the metro area. The construction, mining and natural resource sector posted the largest gain, up 7 percent.
- The financial services sector had the largest jobs decline, down 4.9 percent year-over-year.
- The number of unemployed in the metro area dipped 8.7 percent from a year ago to 39,800.
- The area’s seasonally unadjusted unemployment rate in July was 4.7 percent, down 0.6 percentage point from a year ago. By comparison, the state’s unadjusted unemployment rate in July was 4.1 percent, and the national rate was 5.1 percent.
- New car registrations in the metro area fell 22.9 percent in July.
Read more economic data reports on the BizTracker page.
