MILWAUKEE – A majority of Milwaukee-area economic indicators improved in July, as 16 of 22 available local indicators tracked monthly by the Metropolitan Milwaukee Association of Commerce (MMAC) gained over year-ago levels. July’s total follows the revised 14 upward pointing indicators posted in June.
“The aggregate number of positive indicators in the metro area has improved from 11 positives four months ago – a warning of potential recession – to the present 16 upward pointing indicators, marking solid economic gains in this period,” said Bret Mayborne, MMAC Vice President – Economic Research. “Improving job growth across a broad base of major industry sectors, a stable unemployment situation and continuing improvements in the manufacturing sector have led this economic trend.”
Highlights of the data include:
- Nonfarm job growth has strengthened in recent months. Employment rose 1.4% in July over year-ago levels, exceeding the 1.2% gain posted in June. July’s job total of 870,600 ranks as the highest posted since December 2019. (Note, these job numbers are not adjusted for seasonal factors. When accounted for, the metro area is still below pre-covid job levels. See note at the end of this report.)
- Seven of 10 major industry sectors registered year-over-year job growth in July. Industry gains were strongest in the leisure and hospitality (up 7.4%), government (up 2.9%) and education and health services (up 2.2%) sectors. Among sectors with job declines, the information sector posted the largest decrease, down 4.8%.
- Local unemployment indicators were mixed. The number of unemployed increased 2.1% versus one year ago while the number of new unemployment compensation claims fell 13.8%. July’s 3.6% seasonally unadjusted unemployment rate matched that registered one year ago. Metro Milwaukee’s July rate ranks below the nation’s 3.8%.
- Gains were posted across all manufacturing production worker’s indicators tracked. The average length of a manufacturing production worker’s work week rose versus one year ago for the first time in five months, up 7% in July to 36.9 hours. Longer work weeks contributed to a 11.2% increase in average weekly earnings (to $1,098) while average hourly earnings rose 3.9% versus year-ago levels to $29.75.
- Air passengers using Mitchell International posted its strongest year-over-year increase since May 2022 – up 18.6% in July to 546,915. New car registrations reached 991 in July, up 21% and this indicator’s fourth consecutive month of double-digit increase.
- Mortgages recorded in Milwaukee County numbered 2,002 in July, down 24.3% from one year ago. Numbers for existing single-family home sales in metro Milwaukee were unavailable at the time of this report.
