Most of the economic indicators tracked by the Metropolitan Milwaukee Association of Commerce improved in July over year-ago levels, according to the latest regional monthly economic report from the MMAC.
July was the 42nd consecutive month that more than half of the indicators tracked by the MMAC registered year-over-year improvement.
“In aggregate, local economic indicators continue to move forward, mostly at a modest pace,” said Bret Mayborne, the MMAC’s economic research director.
Highlights of the report:
- Nonfarm job levels averaged 858,500 in July, a 1.6 percent increase over year-ago levels. Six of 10 major industry sectors posted year-over-year job increases, with the business and professional sector posting the strongest gain, up 4.3 percent.
- Metro Milwaukee’s seasonally adjusted unemployment rate averaged 5.2 percent in July, down 1.1 percentage points from a year ago. The area’s July unemployment rate is lower than the national rate of 5.6 percent, but higher than the state rate of 4.5 percent. The number of unemployed in the area was 42,900 in July, down 18 percent. New unemployment compensation claims fell 6.9 percent to 4,782.
- Home sales in the metro area rose 13.5 percent in July to 1,826. The number of mortgages recorded in Milwaukee County rose 15.8 percent in July to 2,670. Both indicators posted their sixth consecutive month of year-over-year increase.
- New car registrations in the region were down 1.8 percent in July, following a 5.6 percent dip in June. That was the first time new car registrations in the area fell in consecutive months since November of 2014.
- Air passengers using Mitchell International Airport in Milwaukee dipped 0.1 percent in July to 610,271.
