Most of the economic indicators tracked by the Metropolitan Milwaukee Association of Commerce improved in September, according to the MMAC’s latest economic trends report.
In September, 13 of the 22 economic indicators improved over year-ago levels, the report said. That’s an improvement from August when 12 of the economic indicators tracked by MMAC showed year-over-year improvement.
“The overall trend in local economic activity is a bit mixed of late. There certainly are negative factors in the economic environment – high consumer price inflation and rising interest rates – but to this point they have not had a strong negative effect on local job markets,” said Bret Mayborne, the MMAC’s vice president of economic research.
Highlights of the data include:
- Metro area jobs averaged 849,300 in September, up 1.9% from year-ago levels. September’s growth ranks higher than the revised 1.4% gain posted in August.
- Seven of 10 major industry sectors posted year-over-year job increases in September. Among the gainers, the construction, mining & natural resource sector (up 10.3%) posted the strongest year-over-year increase. Among those with job declines, the financial activity sector registered the weakest trend, down 3.4% from one year ago.
- The metro area’s seasonally unadjusted unemployment rate for September was 3.6%, down from the 3.7% rate posted one year ago.
- Metro area job gains in manufacturing continued in September but at a slower pace. September marks the 18th consecutive month of manufacturing growth but the month’s 1.1% gain was the slowest posted since June 2021.
- Earnings indicators for manufacturing production workers posted healthy September gains. Average hourly earnings for such workers increased 19.3% (to $29.08) vs. one year ago while average weekly earnings rose 9.1% (to $1,027). The workweek length for manufacturing production workers fell 8.5% in September vs. one year ago to 35.3 hours.
- Continuing gains were posted in passenger totals at Milwaukee Mitchell International Airport. Passenger levels reached 446,738 in September, a 6.4% rise over one year ago. Year to date passenger totals through 2021’s first nine months have surpassed the 4 million passenger mark and are up 29.6% from 2021’s first nine months.
- Metro area new-car registrations fell for the 15th consecutive month on a year-over-year basis, down 7.1% in September, to 841.
- Metro area existing homes sold fell 18.3% in September, this indicator’s sixth consecutive year-over-year decline. Mortgages recorded in Milwaukee County posted an even steeper September fall, down 41.2% to 2,262.
