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MMAC's local economic indicators show more declines
Published May 2, 2008 - BizTimes Daily
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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.
