NAM: Hiring Continues Solid Rise In July
edged down to 3.5 percent in July, the lowest since Feb- ruary 2020. The labor force participation rate ticked down from 62.2 percent to 62.1 percent and remained well be- low pre-pandemic levels. There were 790,000 manufacturing job openings in June, down for the second straight month from April’s re- cord 1,017,000 postings in the sector but remaining high- ly elevated. Over the past 12 months, job openings in the sector have averaged nearly 865,000. There were 10,698,000 job openings nationally in June, with 5,912,000 unemployed Americans. That translated into 55.3 unemployed workers for every 100 job openings in the US economy, speaking to the extreme tightness of the labor market, even with some recent cooling. New orders for manufactured goods jumped two per- cent from $544.4 billion in May to a record $555.2 billion in June. Excluding transportation equipment, manufacturing orders increased 1.4 percent from $456.1 billion to $462.4
Manufacturing employment increased by 30,000 in July, according to Chad Moutray, Ph.D. and Chief Economist at the National Association of Manufacturers (NAM). The labor market remains a bright spot in an econo- my that has seen softening in other areas. Through the first seven months of 2022, the sector has hired 271,000 employees, building on the 365,000 workers added in cal- endar year 2021, the most since 1994. Currently, the manu- facturing sector has 12,826,000 employees. In addition, the average hourly earnings of production and nonsupervisory workers in manufacturing rose 0.3 percent to $25.09 in July, up five percent from a year ago. Also, 528,000 nonfarm payroll employees added to the US economy in July, and the unemployment rate
billion, an all-time high, with durable goods orders excluding transportation up 0.4 per- cent for the month. New orders for core capital goods (or nondefense capital goods excluding aircraft) — a proxy for capital spending in the US economy — rose 0.7 percent from $73.5 bil- lion in May to a record $74.0 billion in June. Factory orders data speak to continued re- silience in the sector despite worries about the economic outlook and lingering supply chain, workforce and inflationary concerns. Manufacturing activity expanded very modestly in July, but with the ISM® Manufac- turing Purchasing Managers’ Index® slipping to 52.8 in July, the lowest reading since June 2020, and new orders contracted for the second straight month. Visit nam.org for more information.
PPC Announces Annual Film Fest
In celebration of achievements in paper- board packaging, the Paperboard Packag- ing Council (PPC) has announced its Annual Associate Member Film Fest, a free oppor- tunity for Associate members to showcase their offerings to PPC’s Principal members. Associates are invited to submit a two-to- three-minute video highlighting their com- pany’s unique attributes and special distinc- tions. Excellent videos can be made in just a few hours with an iPhone. Submit an .avi, .mov, .mpeg2, or .mp4 vid- eo entry by the September 30 deadline. Email kyra@paperbox.org with questions. Submit your videos at www.paperbox.org .
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www.boardconvertingnews.com
August 15, 2022
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