The latest information on manufacturing and the economy from the National Association of Manufactures and the Council of Industry
Members:
Here is the Monday Manufacturing Economy Report from NAM Chief Economist Chad Moutray for 1/8/2018. The Council of Industry, as member organization of the National Association of Manufacturers is happy to share this report with our members.
Here are some highlights from the report:
"The Bureau of Labor Statistics reported that manufacturers added 25,000 workers in December, extending the strong hiring gains in the sector seen throughout much of 2017. Manufacturing employment rose by 16,333 per month on average in 2017—quite a turnaround from the loss of 16,000 workers per month in 2016. This is a sign that firms have stepped up their hiring as a result of a stronger economic outlook and increased demand and production activity. Indeed, since the end of the Great Recession, manufacturing employment has risen by 1,086,000 workers, with 12.54 million employees in the sector in this report. That is the highest level of manufacturing employment since January 2009. Overall, manufacturing was one of the bright spots in the latest jobs report, with nonfarm payrolls up just 148,000 in December.
Beyond improvements in the global economy and overall activity, manufacturing optimism has risen to all-time highs largely due to a pro-business environment, including passage of comprehensive tax reform. Moving forward, manufacturers expect policymakers to address other initiatives, such as infrastructure, to keep the momentum going. Along those lines, the Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers’ Index rose to its best reading since September’s 13-year high. Healthy gains in new orders boosted the headline ISM number, with that measure increasing at its fastest pace since January 2004. It was the seventh consecutive month that sales and production indices in the report exceeded 60, which would signify very spirited growth in demand and output in the sector." Read Chad Moutray's Full Report Here.
