Board Converting News, March 14, 2022

NAM: Manufacturing (CONT’D FROM PAGE 1 )

Core Competency

Manufacturing activity strengthened in the Dallas Fed- eral Reserve Bank’s survey, with the composite index of general business conditions rising from 2.0 in January to 14.0 in February, the best reading since October. Sur- vey respondents predicted that wages over the next six months would increase at a record pace. Manufacturing employment rose by 36,000 in Febru- ary, with robust hiring in the sector despite sizable ongo- ing challenges. The manufacturing sector added 365,000 workers in calendar year 2021, the most since 1994. In the first two months of 2022, the sector hired 52,000 employ- ees, bringing the total number of employees to 12,607,000 in February 2022. With that said, there remained 178,000 fewer manufacturing employees relative to pre-pandemic levels. The average hourly earnings of production and non- supervisory workers in manufacturing rose to $24.54 in February, up 4.9 percent from one year ago and remaining very elevated. New orders for core capital goods—a proxy for capi- tal spending in the U.S. economy—rose 1.0 percent to a record $80.1 billion in January. Core capital goods orders increased a solid 10.7 percent year-over-year. Meanwhile, factory shipments increased 1.2 percent to $536.9 billion in January, an all-time high.

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March 14, 2022

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