NAM: Mixed Employment News Despite Good Manufacturing Gains Manufacturing employment rose by 31,000 in November, and year to date, hiring in the sector is on track for the best annual job growth since 1994, rising by 315,000 in
from $24.14 in October to $24.24 in November, with a 4.9 percent increase over the past year. Nonfarm payroll employment increased by 210,000 in November, which was well below the consensus estimate of around 575,000. That figure comes from the “Estab- lishment Survey” from the Bureau of Labor Statistics. The separate “Household Survey” shows employment growth of 1,136,000 for the month, and that stronger figure more accurately depicts the current strength in the labor market. Along those lines, the unemployment rate dropped from 4.6 percent in October to 4.2 percent in November, a post-pandemic low. Despite ongoing challenges, production strengthened in November at the fastest pace since April, buoying the ISMManufacturing Purchasing Managers’ Index. The head- line index edged up from 60.8 in October to 61.1 in Novem- ber. Hiring growth was also the strongest since April. The sample comments and the data once again highlighted supply chain disruptions, shortages of key inputs and soaring costs.
the first 11 months, according to Chad Moutray, Ph.D. and Chief Economist at the National Associ- ation of Manufacturers (NAM) Yet, there remained 253,000 fewer manufacturing employees rela- tive to pre-pandemic levels, with 12,799,000 workers in the sector in February 2020.
Chad Moutray
The average hourly earnings of production and non- supervisory workers in manufacturing rose 0.4 percent
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In the November manufacturing survey from the Dallas Federal Reserve Bank, ac- tivity accelerated in most of the key mea- sures. The index for raw material costs rose to another all-time high. Respondents re- mained positive in their outlook for the next six months, and they expected wages and benefits to jump at the fastest pace in the survey’s history. New orders for manufactured goods rose 1.0 percent to a record $522.1 billion in October, increasing for the sixth straight month. Excluding transportation equipment, manufacturing orders increased 1.6 percent in October. Factory shipments increased 2.0 percent in October, or 10.1 percent year to date. Overall, the manufacturing sector contin- ues to expand strongly—despite lingering supply chain, workforce and pricing pres- sures—with new orders soaring 11.5 per- cent year to date. In addition, new orders for core capital goods rose 0.7 percent to $78.7 billion in October, a record high, with 9.9 percent growth year to date. Private manufacturing construction spending edged up 0.3 percent to $78.90 billion in October, the strongest pace since November 2019. Encouragingly, private construction activity in the sector has trend- ed higher since bottoming out at $65.92 billion in December 2020, with 13.2 percent growth year-over-year from $69.71 billion in October 2020. NAM represents 14,000 member com- panies in every industrial sector. For more information, visit www.nam.org.
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10 December 13, 2021
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