Manufacturing Job Gains Continue to Lead
Here are some highlights from today's BLS employment release:
1. Manufacturing employment increased by 16,000 in April, following gains of 37,000 in March, 31,000 in February and 52,000 in January, for a year-to-date factory job gain of 136,000.
2. More than 17% of U.S. job growth this year has been in manufacturing, even though that sector represents less than 9% of total payrolls.
3. The jobless rate for the manufacturing sector fell from 7.6% in March to 6.9% in April (not seasonally adjusted - NSA, see Table A-14 in today's report), which was the lowest rate since October 2008, and marked the 11th straight month that the manufacturing jobless rate was below the national average (7.7% in April, NSA).
MP: The chart above displays the percentage employment gains since January 2010 for: a) manufacturing and b) total payroll employment, showing the 4.27% increase in factory jobs compared to the 2.87% increase in overall payrolls. American manufacturing has made a strong comeback over the last several years, with an increase in factory employment of 489,000 jobs since 2010, and has brought the once-dismissed industrial sector to the forefront of the economic expansion.