xA majority of Milwaukee-area economic indicators improved in June, as 13 of 22 available local indicators tracked monthly by MMAC gained over year-ago levels. June’s performance follows the revised 13 upward pointing indicators posted in May.
“Local economic activity in aggregate held ground in June. A majority of the indicators we track pointed upward, matching the total posted in each of the two previous months,” said Bret Mayborne, MMAC’s economic research vice president. “The rate of employment growth did improve in June after sluggish May growth. Nonetheless, local job growth remains noticeably under national job growth both overall and across major industry sectors.”
Highlights of the data include:
Nonfarm jobs in the Metro area rose 1.7% in June over year-ago levels to 853,200. June’s rise surpassed the 1.2% increase registered in May and the 1.5% average year-over-year gain posted over the year’s first six months.
Stronger job gains were recorded in the leisure & hospitality (up 9.2%), construction, mining & natural resources (up 6.5%) and professional & business services (up 5.2%) sectors. Among major industry sectors, six of 10 registered year-over-year employment gains in June.
Conversely, the financial activities sector saw the largest percentage job decline – down 4.5% vs. year-ago levels and this sector’s seventh consecutive month of year-over-year decline.
Metro Milwaukee’s seasonally unadjusted unemployment rate for June was 4%, 1.5 percentage points lower than one year ago. Milwaukee’s rate ranks higher than both the nation’s 3.8% and Wisconsin’s 3.5% rates.
Manufacturing related indicators were mostly positive. Manufacturing jobs grew 1.8% in June while the length of a production worker’s average workweek fell 12.4% to 35.2 hours. The average hourly earnings of manufacturing production workers rose a strong 15.7% vs. one year ago while average weekly earnings increased 1.3%.
For the third consecutive month, both housing and real estate indicators posted year-over-year declines. High interest rates pushed mortgages recorded in Milwaukee County down 32% from June 2021 to 2,788. June existing home sales in the metro area numbered 1,838, down 10.5%.
Read the full report and download statistical tables on MMAC.org.
Original source can be found here.
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