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Manufacturing Jobs Increased in July

Manufacturing employment rose by 30,000 in July, building on the gain of 27,000 seen in June, according to the Bureau of Labor Statistics. Meanwhile, the unemployment rate declined to 3.5%.

Worker data: Net hiring in durable and non-durable goods sectors was 21,000 and 9,000, respectively.

  • Through the first seven months of 2022, manufacturing has hired 271,000 workers, building on the 365,000 employees brought on in calendar year 2021, the most since 1994.
  • June employment in manufacturing, which stands at 12,826,000, exceeded pre-pandemic numbers.
  • In July, there were 41,000 more employees in the sector than there were in February 2020.

Payroll numbers: Average hourly earnings of production and nonsupervisory workers rose 3% in July, up to $25.09 from $25.01 in June.

  • Wage growth has decelerated from the 5.7% pace seen in March and April, which was the fastest seen since August 1982, but average hourly earnings continue to increase sharply.  

The overall economy: Nonfarm payroll employment soared by 528,000 in July, up from June’s 398,000.

The final say: “For their part, manufacturers continue to cite difficulties in attracting and retaining workers,” said NAM Chief Economist Chad Moutray. However, “on a year-over-year basis, there was increased employment in every major manufacturing sector, which was encouraging.”

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