Only 7 of the 23 economic indicators tracked by the
Metropolitan Milwaukee Association of Commerce showed year-over-year growth, according to the MMAC’s latest monthly economic trends report.
That’s down from 8 local economic indicators that showed year-over-year growth in June.
July was the 12
th consecutive month that less than 50% of the local economic indicators tracked by the MMAC showed year-over-year growth.
“July’s indictors showed continued weakness in most employment indicators and some improvements in local housing and real estate indicators,” said
Bret Mayborne, the MMAC’s vice president - economic research.
Highlights of the data include:
- Nonfarm employment in the metro area averaged 862,600 in July, down 0.3% from one year ago.
- By major industry sector, seven of 10 registered year-over-year employment decreases. Among the seven, the information sector saw a 5.9% decline from one year ago, the largest decline. Government sector employment saw the biggest percentage increase – up 2.6% to 78,600.
- The number of unemployed rose 1% in July versus one year ago, to 30,800, following a 5% decline in June.
- New unemployment compensation claims fell 2.3% to 2,967.
- Overall, metro Milwaukee’s seasonally unadjusted unemployment rate held steady at 3.7%, unchanged from one year ago.
- Manufacturing employment fell 0.8% (versus July 2023), to 114,700.
- Average hourly earnings and average weekly earnings for manufacturing workers both fell 8% from one year ago. The length of a production worker’s workweek was unchanged in July, following year-over-year gains in each of the previous four months.
- Both local housing and real estate indicators posted growth in July following year-over-year declines in June. Metro area existing home sales in July rose 5.6% versus July 2023 while mortgages recorded in Milwaukee County increased 6.5%.
- July passenger traffic at Milwaukee Mitchell International Airport was up 6% to 579,768.
- New-car registrations in the Milwaukee area were down 11.8% during July to 874.
