MILWAUKEE – Metro Milwaukee economic indicators held steady in June with eight of 23 indicators pointing upward versus year-ago levels, according to a Metropolitan Milwaukee Association of Commerce (MMAC) monthly report. June’s total matches the revised eight positives recorded in May.
“Areas of growth among metro area economic indicators remain limited with the main positive trend for June falling in unemployment indicators. The number of unemployed, new unemployment compensation claims, and the overall unemployment rate all posted year-over year declines in June giving some cause for optimism,” said Bret Mayborne, the MMAC’s Vice President – Economic Research. “Yet continuing local job declines, a weaker national job picture and recent stock market declines add uncertainty to near-term growth prospects.”
Highlights of the data include:
∙ Nonfarm employment averaged 868,900 in June, a 0.1% decline from one year ago. Job declines persist with June’s decline marking its seventh consecutive year-over-year decrease, but June’s decrease is the smallest posted in 2024’s first six months.
∙ The job trend in the largest number of major industry sectors remains downward. Overall, seven of 10 sectors saw year-over-year job decreases in June. Job declines were strongest in the information (-5.9%) and professional and business services (-3.2%) sectors. Among growing industries, the government (+2.9%) and education and health services (+2%) sectors provided the bulk of June’s employment gains.
∙ Unemployment indicators showed signs of strength in June. The number of unemployed fell 5% versus one year ago to 30,300, contributing to the first decline in the seasonally unadjusted unemployment rate in five months (vs. year-ago levels). June’s 3.7% rate ranks 0.2 percentage points under one year ago and below the nation’s 4.3% rate.
∙ Production and earnings indicators for manufacturing production workers were mixed. The length of the average workweek for such workers rose 3.4% year-over-year to 36.1 hours – this indicator’s fourth consecutive month of increase. Earnings indicators for production works pointed the other direction. Both average hourly earnings (down 8.8%) and average weekly earnings (down 5.7%) recorded June declines.
∙ After showing some signs of recovery in earlier months, local housing and real estate indicators trended downward in June. Metro area existing home sales fell 4.9% in June versus one year ago, following a 9% increase in May (year-over-year). Mortgages recorded in Milwaukee County fell 11.2% in June to 1,951, on the heels of back-to-back gains in each of the two previous months. ∙ Double-digit gains were posted in air passenger totals at Mitchell International Airport. Passengers reached 566,469 in June, up 12.2% from one year ago. New car registrations fell 27.2% in June (versus year-ago levels), to 775, following May’s 16.1% decrease.
