U.S. manufacturers are hiring more workers, boosting wages and increasing domestic investments following the passage of the Tax Cuts and Jobs Act.
Seventy-two percent of manufacturers are ramping up workers’ wages and benefits, according to a new survey from the National Association of Manufacturers (NAM). Meanwhile, 77% of survey respondents said they were hiring more workers, while 86% are investing more in plants and equipment.
“Manufacturing in America is now rising to new heights, thanks to tax reform, and as a result, manufacturers of all sizes are already investing more, growing more, hiring more and paying more. They are already improving lives and livelihoods,” NAM Board Chair David Farr said in a statement.
Meanwhile, optimism among manufacturers remains near all-time highs. More than 93% of manufacturers have a positive outlook on their company’s prospects in the U.S. economy – the second-highest level ever recorded by the National Association of Manufacturers – its most recent quarterly survey revealed.
- Since last March, the report said, the nation has added 232,000 manufacturing jobs, with all of the gain in the durable goods component
By Terence P. Jeffrey | April 6, 2018 | 8:47 AM EDT
(CNSNews.com) – The United States added 22,000 manufacturing jobs in March and employment in the manufacturing sector has now increased by 281,000 since December 2016, the last month before President Donald Trump took office.
“In March, employment in manufacturing rose by 22,000, with all of the gain in the durable goods component,” the Bureau of Labor Statistics said in its monthly employment report released today. “Employment in fabricated metal products increased over the month (+9,000).
Since last March, the report said, the nation has added 232,000 manufacturing jobs.
“Over the year,” it said, “manufacturing has added 232,000 jobs; the durable goods component accounted for about three-fourths of the jobs added.”
In December 2016, the month before Trump took office, there were 12,351,000 manufacturing jobs in the United States—281,000 less than the 12,632,000 manufacturing jobs the nation reached in March.
The last time there were more manufacturing jobs in the United States than there were in March was in December 2008, when there were 12,850,000 manufacturing jobs. That was the last month before President Barack Obama took office.
In January 2009, the month Obama was inaugurated, manufacturing jobs dropped to 12,561,000. The number of manufacturing jobs in the United States did not exceed that number until February of this year, when it hit 12,610,000.
- Manufacturing, which makes up more than 75 percent of total industrial production, accounts for about 12 percent of the U.S. economy. It increased 2.4 percent in December from the same month a year earlier.
- Factory output climbed 1.3 percent in 2017, the strongest annual reading in five years
- Expect lowest business inventory-to-sales ratio in three years could translate into increased production in coming months.
( Bloomberg by Katia Dmitrieva) U.S. factory production rose for a fourth straight month in December, capping the strongest quarter since 2010 and underscoring a resurgence in manufacturing that’s primed for further advances, Federal Reserve data showed Wednesday.
Factory output increased at a 7 percent annualized rate in the fourth quarter, the strongest since the second quarter of 2010. Combined with national and regional surveys of purchasing managers, the figures indicate manufacturing was robust at the end of the year.
Stronger consumer spending, increased business investment and more shipments of merchandise to overseas customers are providing plenty of fuel for the nation’s producers. What’s more, the lowest business inventory-to-sales ratio in three years could translate into increased production in coming months.
Factory output climbed 1.3 percent in 2017, the strongest annual reading in five years.
The Fed’s monthly data are volatile and often get revised. Manufacturing, which makes up more than 75 percent of total industrial production, accounts for about 12 percent of the U.S. economy. It increased 2.4 percent in December from the same month a year earlier.
- Utility output jumped 5.6 percent, boosted by colder weather, after falling 3.1 percent the prior month
- Mining production rose 1.6 percent; with oil and gas well drilling rising 0.9 percent
- Production of motor vehicles increased 2 percent, the most in four months; excluding autos and parts, manufacturing output fell 0.1 percent
- Production of consumer goods rose 1 percent, and output of business equipment increased 0.2 percent
- Output of machinery and wood products increased in December