A complex hyperplane arrangement $\mathcal{A}$ is said to be decomposable if there are no elements in the degree 3 part of its holonomy Lie algebra besides those coming from the rank 2 flats. When this purely combinatorial condition is satisfied, it is known that the associated graded Lie algebra of the arrangement group $G$ decomposes (in degrees greater than 1) as a direct product of free Lie algebras, and all the nilpotent quotients of $G$ are combinatorially determined. We show here that the Alexander invariant of $G$ also decomposes as a direct sum of "local" invariants. Consequently, the degree 1 cohomology jump loci of the complement of $\mathcal{A}$ have only local components, and the algebraic monodromy of the Milnor fibration is trivial in degree 1.