Only half of the 22 available economic indicators tracked by the Metropolitan Milwaukee Association of Commerce posted year-over-year gains in November, according to the latest monthly report from the MMAC, which described the results as “lackluster.”
The 11 positive economic indicators for the month was down from an average of 16 over the prior 10 months, according to the MMAC.
“With back-to-back months of year-over-year job decline, the local economy is struggling to find a healthy level of sustainable growth,” said Bret Mayborne, economic research director for the MMAC. “Yet, continuing gains in worker earnings and housing and real estate indicators have kept some measure of balance in the overall trend.”
The number of nonfarm jobs in the metro area fell 0.2 percent in November, following a 0.3 percent decline in October, year-over-year.
Seven of 10 major industry sectors posted year-over-year job declines. The financial activities sector had the biggest decline, down 5.1 percent. The trade, transportation and utilities sector had the largest increase, up 4.2 percent.
Despite the stagnant job market, the number of unemployed people in the metro area fell 13.2 percent in November and the number of new unemployment compensation claims fell 9.8 percent.
The area’s unemployment rate (not seasonally adjusted) fell 0.6 percentage points to 4.0 percent. By comparison, the state has a 3.6 percent unemployment rate (not seasonally adjusted) and the national rate was at 4.4 percent
Metro area existing home sales rose 23.7 percent compared to a year ago.
Mortgages recorded in Milwaukee County rose 43.5 percent.
New car registrations fell 1.3 percent in November.
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