If you keep up with our blog, you’re probably well aware of the positive state of the American manufacturing industry. While it experienced a decline several years ago, the industry has since rebounded with more than half-a-dozen consecutive months of growth. So, where is the American manufacturing industry headed from here?
Experts believe the American manufacturing industry will continue to grow. According to a report published by the Bureau of Labor Statistics (BLS), the manufacturing sector has recently hired more new workers since the recession of 2008. Referred to as a Job Openings and Labor Turnover Summary (JOLTS) report, the document revealed that nearly 5.3 million employees were hired by U.S. companies in March. Of those 5.3 million new hirings, roughly 322,000 involved the manufacturing sector.
You don’t have to a professional market analyst to realize the strength behind those numbers. In fact, the manufacturing industry hasn’t experienced such growth — in terms of employment — since 2008, during which there was a significantly high demand for workers in the manufacturing industry.
Of course, 322,000 new jobs isn’t a huge amount that’s going to change the market. It’s important to note, however, that those job numbers were only for the month of March. When you look back at the first three months of 2017, you’ll see there were 922,000 new jobs added to the manufacturing sector. In comparison, there were only 828,000 new jobs added to the manufacturing industry during the first three months of 2016, making this year one of the best for the industry.
When speaking about the JOLTS report, the National Association of Manufacturers (NAM) explained that Americans today are more optimistic. And with this new perspective comes stronger numbers in terms of both output and employment.
“Americans appear to be more optimistic about growth in recent months, and manufacturers are no exception,” revealed the National Association of Manufacturers in a quarterly report on the American manufacturing industry. “The rising confidence stems from the belief that the new administration in Washington, D.C., will bring much needed regulatory relief – as well as reforms to the tax code and a significant infrastructure package.”
There’s no signs of the American manufacturing industry slowing down anytime soon either. On the contrary, the new administration has announced plans to strengthen the industry by encouraging employers to bring jobs back to the U.S.No tags for this post.