The latest report from the Metropolitan Milwaukee Association of Commerce details the economic recovery of Wisconsin’s largest city.
In the report for June, 20 of the 22 economic indicators tracked had improved over the year. An equal number had shown improvement in May, the previous report showed.
“This positive year-over-year trend is partly due to the extreme depth that most indicators reached one year ago, as well as the continuing progress made toward a fuller recovery over one year later,” said Bret Mayborne, economic research director for the MMAC.
The report also shows employment in Milwaukee improving compared to last year’s low point, though job numbers are still below pre-pandemic levels. Since that time, the metro area has recovered approximately 66,200 non-farm jobs, which is 59 percent of the 112,400 jobs initially lost due to the impact of the pandemic on the area’s economy, according to MMAC.
“In terms of employment, our metro area remains on a good path to recovery but has not yet returned to pre-pandemic levels,” Mayborne said in a release. “We saw strong growth in leisure and hospitality jobs in June, an area that was among the hardest hit during the pandemic.”
This sector saw a 21.4 percent increase in jobs over the year, the report shows. Eight of Milwaukee’s 10 “major industry sectors” had increased jobs over the year in June, while financial activities, and construction, mining and natural resources each saw a decrease of around 5 percent.
Meanwhile, manufacturing employment in Milwaukee increased 4.5 percent in June over the year; May’s increase was 3.7 percent over May 2020. At the same time, indicators for manufacturing production levels and earnings also improved in June, the report shows.
See the full report: https://www.wisbusiness.com/wp-content/uploads/2021/08/08052021_MMAC.pdf