The metro Milwaukee economy continues to show modest improvement with 14 of 22 economic indicators tracked by the Metropolitan Milwaukee Association of Commerce posting year-over-year gains. That is down from May when 16 indicators posted year-over-year gains.
The highlight was nonfarm employment in the area averaging 873,900 in June, an increase of 0.6 percent from a year ago and the highest employment total since June of 2007.
“Yet, June’s year-over-year job gain was modest in scale and uneven among major industry sectors,” said Bret Mayborne, economic research director for the MMAC.
Four of ten major industry sectors registered June job gains (vs. one year ago), while six posted declines. The education & health services and leisure & hospitality sectors (both up 2.7 percent) posted the largest percentage increases. Conversely, a 3.8 percent job decline in the construction, mining & natural resource sector was the largest decrease registered.
Unemployment indicators for the metro area continue to improve. The number of unemployed fell 21.5 percent in June (vs. one year ago), to 32,500. June new unemployment compensation claims dropped at a 17.5 percent pace year-over-year, following May’s 6.4 percent decline.
June’s seasonally unadjusted jobless rate of 3.9 percent is down 1.1 percentage points from the 5 percent rate posted one year ago. Currently, the metro area’s unemployment rate is higher than the state’s 3.4 percent rate but below the nation’s 4.5 percent figure.
Existing home sales in the metro area numbered 2,134 in June, a 3.9 percent increase over year-ago levels.
New-car registrations continue to show weakness. June registrations numbered 1,975, down 15.4 percent from one year ago.
Read more economic data reports at the BizTracker page.
