Members:

Here is the Monday Manufacturing Economy Report from NAM Chief Economist Chad Moutray f or 12/11/2017. 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 31,000 workers in November, extending the gain of 23,000 in October. More importantly, the sector has added an average of 15,545 employees on net per month so far in 2017—quite a turnaround from the loss of 16,000 workers in 2016 as a whole. 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 1,061,000 workers, with 12.51 million employees in the sector in this report.
Moreover, manufacturers continue to say that the inability to attract and retain a quality workforce is one of their top concerns, which is further proof that the labor market has tightened considerably. Along those lines, there has been some upward pressure on wages, even with a slight easing in the November figures. Average weekly earnings for manufacturing workers edged down from $1,094.08 in October to $1,092.44 in November. Nonetheless, average weekly earnings in the sector have risen 2.6 percent over the past 12 months, up from $1,064.53 in November 2016.

On the trade front, U.S.-manufactured goods exports totaled $906.96 billion year to date in October, up 3.79 percent from $873.81 billion one year ago. This reflects better year-to-date figures to the top-six markets for U.S.-manufactured goods, and in general, manufacturers in the United States have benefited from improvements in the global economy, lifting demand for sales abroad. With that said, the U.S. trade deficit rose from $44.89 billion in September to $48.73 billion in October, its highest level since January." Read Chad Moutray's Full Report Here.

Harold King
Executive Vice President
The Council of Industry
6 Albany Post Road
Newburgh, NY 12550
845-565-1355
hking@councilofindustry.org