NAM: Manufacturing (CONT’D FROM PAGE 1 )
in the prior two months, even as hiring remained weak in both districts. Manufacturers feel optimistic for continued expansion over the next six months. Consumer spending at retailers jumped 17.7 percent in May, rebounding strongly after declining 8.2 percent and 14.7 percent in March and April, respectively. This suggests that Americans returned to stores to make purchases after stay-at-home orders sent sales plummeting. Even with sol- id growth in May, retail sales have fallen 6.1 percent over the past 12 months, with a decline of 3.9 percent year- over-year excluding automobiles and gasoline. The labor market has steadied somewhat, but the data continue to reflect significant economic hardships for many Americans, with historically elevated rates of unem- ployment nationally and in most states. Initial unemployment claims decelerated for the 11th straight week, but with 1,508,000 claims for the week end- ing June 13, the pace remains frustratingly high. For the week ending June 6, there were 20,544,000 Americans receiving unemployment insurance, or 14.1 percent of the workforce. With the motor vehicle sector coming back online, Michigan created the most net new manufacturing jobs in May, adding 33,700 workers. Yet, it was also among the states experiencing the greatest declines in manufactur- ing employment since the recession began in February.
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Robyn Smith at 910-553-4055 /rsmith@nvpublications.com Len Prazych at 518-366-9017 / lprazych@nvpublications.com
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June 29, 2020
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