The Milwaukee area’s economy gained momentum in October with 16 of 23 economic indicators tracked by the Metropolitan Milwaukee Association of Commerce (MMAC) improved, year-over-year, according to the latest MMAC report.
That was an improvement from September, when 14 of the 23 economic indicators posted gains.
“The aggregate total of positive indicators reached its highest level in five months,” said Bret Mayborne, economic research director for the MMAC. “Metro Milwaukee’s overall job trend remains rather lackluster, but the pace of manufacturing employment growth has picked up in recent months.”
Nonfarm employment in the area averaged 871,000 in October, up 0.2 percent from a year ago.
Five of 10 major industry sectors posted year-over-year job increases in October. Manufacturing had the strongest increase at 2.2 percent. The financial activities markets had the biggest employment decline, at 3.4 percent.
The number of unemployed in the area fell 8,000 compared to a year ago, a 23.3 percent decline. As a result the unemployment rate for the metro area was 3.2 percent, down from 4.2 percent a year ago.
New car registrations in the area were up 8.3 percent, the first year-over-year increase in six months and only the second this year.
Read more economic data reports at the BizTracker page.
