The metro Milwaukee area’s economy performed better in May with 16 of the 22 available economic indicators that are tracked by the Metropolitan Milwaukee Association of Commerce posting year-over-year gains, the MMAC reported today.
That is the most positive economic indicators for the area in seven months and a major improvement from April when only 11 the economic indicators posted year-over-year growth.
“A primary factor in this upgrade was an improving employment trend, both overall and across a majority of industry sectors,” said Bret Mayborne, the MMAC’s economic research director.
The number of jobs in the metro area rose 0.3 percent in May, after falling 0.5 percent in April.
The education and health services sector had the biggest employment gain in the area, up 1.6 percent in May.
The largest employment decline was in the construction, mining and natural resources sector, which was down 7.9 percent in May.
The number of unemployed people in the area was down 26.8 percent in May to an average of 25,400. New unemployment compensation claims were down 6.4 percent.
The Milwaukee area’s seasonally unadjusted unemployment rate was 3.1 percent in May, down from 4.2 percent a year ago. The state’s unadjusted unemployment rate for May was 2.8 percent, and the nation’s was 4.1 percent.
The number of existing homes sold in the area rose 3.5 percent in May to 1,777.
New car registrations in the area were down 5.4 percent in May to 2,135.
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