MILWAUKEE – Metro Milwaukee’s economy remains sluggish as less than half of monthly indicators tracked by the Metropolitan Milwaukee Association of Commerce (MMAC) showed gains in November. Eleven of 23 monthly indicators pointed upward in November, matching the number of positive indicators in October, and marking the second consecutive month that less than half of such indicators registered positive.
“The trend among local economic indicators in aggregate has been uneven through most of 2023, and the current economic environment suggest a flattening in potential future growth,” said Bret Mayborne, MMAC Vice President – Economic Research. “On the positive side, for two important indictors, metro area job growth continues, albeit at a modest pace, and unemployment indicators, while trending modestly upward, remain at historically low levels.”
Highlights of the data include:
- The metro area added 3,400 jobs over the last 12 months, a 0.4% increase over year-ago levels (to 860,600). November’s percentage gain ranks marginally higher than the 0.1% increase posted in October (versus year-ago levels) and matches the average increase posted over 2023’s first 11 months.
- Among major industry sectors, six of ten sectors posted November year-over-year job increases, with a 6.1% increase in the leisure and hospitality sector posting the strongest percentage gain. For sectors with job declines, the information sector registered its 11th consecutive month of year-over-year decline, down 6.4% in November.
- The number of unemployed in the metro area rose 16.8% in November (vs. one year ago) to 25,700. This increase contributed to a 0.4 percentage point increase (year-over-year) in the area’s seasonally unadjusted unemployment rate, to 3.1%. November’s local rate ranks higher than Wisconsin’s 2.7% rate but below the 3.5% recorded nationally.
- Manufacturing jobs rose modestly in November, up 0.2% over year-ago levels, following a small decline in October. Other manufacturing indicators remain negative. The length of a production worker’s workweek fell 7.7% versus one year ago while average weekly earnings (down 11.9%) and average hourly earnings (down 4.6%) also reported year over-year declines.
- Housing and real estate indicators were mixed. Existing home sales were unchanged in November versus one year ago following a modest 0.9% gain in October. While mortgages recorded in Milwaukee County fell 7.6% year-over-year, November’s change ranked notably better than the year-to-date change over 2023’s first 11 months, down 27.5%.
- Both transportation-related indicators registered double-digit gains in November. Passengers using Mitchell International Airport rose 11.3% over year-ago levels, to 498,552. Likewise, new car registrations in the metro area reached 846 for the month, up 17.7%.
