The metro Milwaukee economy posted solid gains in July with 15 of 23 economic indicators tracked by the Metropolitan Milwaukee Association of Commerce posting year-over-year gains.
That is the same as in June, which also had gains in 15 of the economic indicators tracked by the MMAC. July was the third month in the row that a majority of the indicators posted year-over-year gains.
“Other than weakness posted earlier this year, the aggregate number of indicators trending positive in the metro area has been fairly consistent for the better part of the year,” said Bret Mayborne, economic research director for the MMAC. “This period has also been characterized by rather lackluster overall job growth in the local area.”
Nonfarm employment averaged 870,000 in July, a net gain of 4,600 jobs over the past 12 months.
Five of 10 major industry sectors recorded year-over-year job increases in July. The area’s leisure & hospitality sector posted the biggest gain and was up 3.7 percent compared to a year ago. The area’s financial services sector posted the biggest employment decline, dipping 4.6 percent.
The area’s seasonally unadjusted unemployment rate in July was 3.8 percent, down a full percentage point from a year ago.
The number unemployed people in the area fell 18.8 percent from a year ago. July was the 45th consecutive month of decline in the number of unemployed in the area.
Existing homes sold in the metro area were down 5.5 percent in July.
Mortgages recorded in Milwaukee County were down 12 percent in July.
New car registrations were down 14.2 percent in July.
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