The southeastern Wisconsin economy continued its cool down in March, according to the business activity indicators monitored by the Metropolitan Milwaukee
Association of Commerce (MMAC).
Only six of 19 available local business activity indicators pointed upward in March, down from February's seven improvements.
"Growth in the metro area economy has struggled to gain traction over 2008's first
quarter," said Bret Mayborne, economic research director for the MMAC. "Nonfarm employment totals continued to post modest year-over-year declines in aggregate, with job levels in a majority of major industry sectors pointing downward."
Employment levels in the metro area averaged 844,700 in March, a 0.2-percet fall from year-ago levels. March's decline matches the 0.2-percentdecrease posted in February (vs. February 2007) and marks the fifth consecutive month of year-over-year decline.
Four of 10 major local industry sectors registered March job gains (vs. one year ago), while six posted declines. The largest percentage increase was posted in the educational & health services sector (up 1.9 percent over year-ago levels). Conversely, a 4.9-percent job decline was posted in the construction & natural resources sector, the largest decrease registered.
Among other selected indicators, unemployment and housing & real estate indicators
registered March weakness vs. year-ago levels. The number of unemployed in March rose at a 3.6-percent rate vs. year-ago levels after falling 0.7 percent in February. New unemployment compensation claims increased 9.6 percent in March (vs. March, 2007).
March nonfarm employment levels in the metro area averaged 844,700, a decrease of 1,300 jobs (-0.2 percent) from one year ago. March's fall marks the fifth consecutive month of year-over-year employment decline.
Local area housing and real estate indicators tracked by the MMAC remained downward-pointing. Existing home sales fell 28.1 percent vs. year-ago levels to 858, the indicator’s worst decline this year. Mortgages recorded in Milwaukee County numbered 4,141 for March, down 22.9 percent from one year ago.
A couple of bright spots among the MMAC's local economic factors included airport passenger traffic and new commercial construction.
Air passenger usage of General Mitchell International Airport reached a record monthly high in March. Passengers numbered 745,893 for the month, surpassing the previous record of 738,388.
The value of signed construction contracts, as reported by F.W. Dodge for February, was $91.7 million, up 32 percent from February, 2007.

A day after The Home Depot Inc. announced it will close 15 stores, Linens Holding Co. today said it will file for Chapter 11 bankruptcy and close 120 of its Linens 'n Things stores, including three in Wisconsin.
The Wisconsin Linens 'n things stores to be closed are the stores at the Shops of Grand Avenue in Milwaukee, the Regency Mall in Racine and Greenway Station in Middleton.
Clifton, N.J.-based Linens Holding Co. blamed its bankruptcy and the store closings on the icy economy.
"The significant deterioration in the mortgage, housing and credit markets and the resulting impact on the retail marketplace, particularly the home sector, has overwhelmed the operating and merchandising improvements that we have made over the past two years," said Robert DiNicola, executive chairman of the company. "We are making the strategic decision to use a Chapter 11 filing to proactively address our capital structure and ensure that our stores will remain well stocked while we work through the steps to align the capital structure of the Company with the realities of today's business environment.
Linens Holding Co. has secured $700 million in debtor-in-possession (DIP) financing from General Electric Capital Corp., which will ensure healthy merchandise flow as the company prepares for the back-to-school and holiday selling seasons.
Atlanta-based Home Depot announced Thursday it will close 15 U.S. stores, including the store at 7401 W. Good Hope Road in Milwaukee. Home Depot also said it scrapping plans for 50 new stores.
Home Depot said it will record a charge of approximately $400 million related to capitalized development costs and ongoing obligations associated with the decision not to go forward with the new stores.

Wangard Properties LLC announced today that it has purchased a vacant former nursing home on Milwaukee's east side at 1824 E. Park Place, where it intends to demolish the building to construct a new four-story, 61-unit apartment building.
The demolition work is expected to begin next week and be completed so construction of the new building can begin before summer, said Wayne Wiertzema, executive vice president of development for Wangard Properties. The new apartment building is expected to be ready for residents to move in by June 2009.
"Our plan stays within the existing zoning," Wiertzema said. "We want to construct a building that enhances other properties in the general area and adds to the existing stability of the neighborhood. This will be a new building that will add to the tax base and help enhance what is already a strong neighborhood."

Gov. Jim Doyle today announced that Wisconsin's specialty cheese production in 2007 rose 3 percent from the previous year, setting a new record. Specialty cheese totaled 399 million pounds and accounted for 16 percent of the state's total cheese production.
"Growing Wisconsin's great dairy industry is a top priority," Doyle said. "Everyone knows where the best cheese comes from. Our dairy industry and farm families are world famous for producing the best cheese.  I want to thank Wisconsin's cheesemakers for all they do to keep our economy strong."
According to a report released today by the National Agricultural Statistics Service, 83 of the state's 124 cheese plants manufacture at least one type of specialty cheese, up 3 plants.
The most popular specialty cheese was Feta, up 9 percent from the year before. Asiago, blue, Hispanic types, parmesan wheel and specialty provolone were other popular varieties.
Last year, Wisconsin launched a bipartisan Next Generation Agriculture Plan, a strategic investment to prepare Wisconsin farms and dairy plants for the future. The plan includes new initiatives totaling more than $33 million to move the dairy and agriculture industry forward by providing more resources to modernize and innovate, capture new markets and seize new green opportunities.
Since 2004, Wisconsin's dairy processors have invested an estimated $500 million to modernize; opened 34 new dairy plants and expanded 54 more. Two more specialty dairy plants are poised to open in the next few weeks.

Milwaukee Brewers chairman and principal owner Mark Attanasio announced that the contracts of executive vice president of business operations Rick Schlesinger and executive vice president of finance and administration Bob Quinn have been extended for five additional years.
"I believe our executive management team is among the best in baseball, and Rick and Bob have led us to significant achievements on the business side," Attanasio said. "We have set franchise records for attendance and reached new heights in virtually every measurable category. Both Rick and Bob have also been instrumental in annual improvements to Miller Park, which have earned the organization the highest marks in fan and media surveys. As we continue to grow the business, we are very fortunate to be in a position to retain two of the most capable executives in baseball."
Since joining the organization, Quinn and Schlesinger have played the lead roles in creating the annual and long-range business and financial plan for the Brewers.
Schlesinger is in his sixth season with the Brewers, having been named to his current position on Dec. 12, 2002. In this role, he oversees the club's business affairs, including sponsorships, marketing, ticket sales, guest services, public relations, community relations, broadcasting and communications.
"Being a native of the Milwaukee area, I can think of no better place to be than with this organization," Schlesinger said. "Our entire staff works hard to provide the best fan experience possible, and we will continue to enhance the offerings at Miller Park. It is a privilege to be part of the Brewers organization."
Quinn joined the Brewers on Jan. 3, 2003, as the Brewers senior vice president and chief financial officer and was promoted to executive vice president of finance and administration on July 19, 2007. A fourth generation baseball executive, Quinn oversees the financial operations of the Brewers as well as human resources, information systems, Miller Park operations, Arizona spring training operations and business administration.
"It is an honor to work on the same grounds where my grandfather built a world championship team as the general manager of the Milwaukee Braves in the 1950s," Quinn said. "I am fortunate to be part of an organization where my dad began his Major League Baseball front office career in the early 1970s. A key to success is to team up with good, quality people and I am proud to be surrounded by a first class front office team here at the Brewers."

Racine-based Modine Manufacturing Co. announced that it has sold substantially all of the assets of its Thermacore Inc. electronics cooling subsidiary based in Lancaster, Pa., , for $13.25 million.
The price includes $2.5 million of seller financing with subordinated, promissory notes delivered by the buyer. The purchaser, FSBO Ventures, is owned by current and former members of Thermacore's management team.
Commenting on the divestiture, Modine president and chief executive officer Thomas Burke said, "The sale of Thermacore is consistent with our strategy to divest non-core or underperforming assets in order to focus our leadership attention and capital resources on more strategic, value-adding opportunities."

ESPN Inc. announced that ESPN Deportes Radio, a national Spanish-language radio network, will launch in Milwaukee as ESPN Deportes 1510 on Monday.
"This is a great step forward in our effort to make ESPN Deportes Radio available to Hispanics in emerging," said Oscar Ramos, senior director and general manager, ESPN Deportes Radio. "ESPN Deportes Radio offers an incredible sports programming mix. We are sure that the radio network will be well-received by the Hispanic sports fans in the greater Milwaukee area."
"The Hispanic community of the greater Milwaukee area has a great passion for sports and we are excited that ESPN Deportes 1510 will be the first to provide this service to them. This will also be a wonderful opportunity for our advertisers to reach a strong and rapidly growing community," said Craig Karmazin, president of Good Karma Broadcasting, which owns the AM 1510 Milwaukee radio station.
ESPN Deportes Radio now has 26 affiliates nationwide, including nine of the top U.S. Hispanic markets. The radio network also is available nationally on SIRUS Satellite Radio.
ESPN Deportes Radio offers a variety of sports talk programming and events, including exclusive, national Spanish-language broadcasts of Major League Baseball's All-Star Game, League Championship Series, and World Series, South American World Cup Qualifiers, Copa América soccer tournament, UEFA Champions League, NASCAR and more.

A developer plans to tear down the library in downtown Madison and replace it with a nine-story, $45 million building that will house a new and larger library, several floors of private office space and some retail on the ground floor. Read more in SBT's daily roundup of headlines from newspapers across the state at www.biztimes.com/#news.

U.S. Labor Department announced today that American employers cut far fewer jobs in April than in recent months and the unemployment rate dropped to 5 percent, surpassing analysts' expectations and prompting a mild rally on Wall Street today. The largest local advancers this morning were Bucyrus International Inc. (up $4.70 to $128.90) and Joy Global Inc. (up $2.99 to $77.03). The largest local decliners this morning were Johnson Controls Inc. (down $1.05 to $34.98) and Modine Manufacturing Inc. (down 49 cents to $17.64). The BizTimes Stock Index gained 2.27 points to close at 162.68 Thursday. The BizTimes Stock Index was created by Small Business Times and is monitored by North Shore Bank. The index, which measures the stock values of publicly held companies based in southeastern Wisconsin, is updated daily and can be viewed at www.biztimes.com.