NAM Report: Manufacturing Employment Exceeds 13 Million The National Association of Manufacturers has released its Monday Economic report indicating that manufactur- ing employment exceeds 13 million for the first time since 2008. Manufacturing employment rose by 17,000 in Septem- ber, extending the gain of 11,000 in August and the fast- est monthly increase since October 2022. Manufactur- ing growth has been more sluggish this year, adding just 37,000 workers through the first three quarters of 2023. More importantly, there were 13,011,000 manufacturing workers in September, the most since November 2008. As such, total manufacturing employment has remained resilient despite a challenging economic environment in the sector. Nonfarm payroll employment rose by a strong 336,000 in September, with the U.S. economy adding 2,339,000 workers year to date. The unemployment rate was un- changed at 3.8 percent in September, and the labor force participation rate remained 62.8 percent. Meanwhile, there were 616,000 manufacturing job openings in August, with postings remaining well above pre-pandemic levels despite cooling over the past year. In the larger economy, there were 9,610,000 job openings in CONTINUED ON PAGE 18
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October 23, 2023
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