MILWAUKEE – Weakness remains in metro Milwaukee’s economic trends as seven of 23 July indicators tracked monthly by the Metropolitan Milwaukee Association of Commerce (MMAC) improved from year-ago levels. July’s total ranks modestly lower than the revised eight positive indicators posted in June.
“July marks the 12th consecutive month in which less than 50% of monthly indicators tracked by the MMAC registered improvement over year-ago levels,” said Bret Mayborne, the MMAC’s Vice President – Economic Research. “July’s indictors showed continued weakness in most employment indicators and some improvements in local housing and real estate indicators.”
Highlights of the data include:
- Nonfarm employment in the metro area averaged 862,600 in July, down 0.3% from one year ago. July’s decline ranked somewhat smaller than both the revised 0.4% decrease in June and the average year-over-year decline of 0.5% over 2024’s first seven months.
- By industry, job declines remained broad-based. By major industry sector, seven of 10 registered year-over-year employment decreases. Among these seven, the information sector saw a 5.9% decline from one year ago, the largest of these declines. Conversely, government sector employment saw the biggest percentage increase – up 2.6% to 78,600.
- Unemployment indicators were mixed. The number of unemployed rose 1% in July versus one year ago, to 30,800, on the heels of a 5% decline in June. On the other hand, 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. Nationally the unemployment rate hit 4.5% in July, up 0.7 percentage points from year-ago levels.
- Manufacturing-related indicators were generally negative. Manufacturing employment fell 0.8% (versus July 2023), to 114,700. Earnings indicators for manufacturing production workers were likewise negative. Average hourly earnings and average weekly earnings for such 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%.
