Milwaukee’s local labor market is showing signs of “beginning to cool down,” an economist with Marquette University says.

Nicholas Jolly, an associate professor of economics at the Milwaukee university, co-authored a report released yesterday detailing economic trends for the region and state.

The Economic Scorecard for Southeastern Wisconsin shows unemployment rates for both the state and the Milwaukee area are well below the national average — 3.2% and 3.7%, respectively, compared to the national rate of 4.5% for August. But Jolly points to data showing a downward trend for jobs in the region.

“When comparing monthly employment numbers from the same month in the previous year, non-farm employment has seen year-over-year declines since April 2025, and this trend is expected to continue

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