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Here’s my analysis of the latest monthly (October) manufacturing figures contained in this morning’s employment report from the Bureau of Labor Statistics:

The October jobs figures revealed a better manufacturing employment situation than previous readings reported. But compared with the rest of the economy, industry remains a jobs laggard, as its share of total U.S. employment remained at the all-time low it hit in September. These gains, moreover, remained far too small to end the decline in real manufacturing wages, which sank again according to the latest figures.

October’s preliminary job gain in manufacturing was 15,000. September’s 4,000 rise was revised up to 9,000, and August’s 4,000 loss – which would have been the first monthly decline since last July – was revised up to a 3,000 increase.

Nonetheless, because total nonfarm employment rose by 214,000 in October, manufacturing’s share of that economy-wide figure remained at September’s record low level of 8.72 percent. At its February, 2010 absolute employment low, manufacturing represented 10.69 percent of total nonfarm jobs.

Put differently, manufacturing has regained 728,000 of the 2.293 million jobs it had lost on net from the recession’s onset in December, 2007 to that nadir (31.75 percent). Manufacturing’s current employment level of 12.181 million, therefore, is still 1.565 million below its last pre-recession monthly figure of 13.746 million.

By contrast, since its own February, 2010 absolute recessionary low point, total nonfarm employment is up by 10.025 million. That’s more net new jobs than the 8.695 million lost from the recession’s onset to the employment trough. As a result, total employment is 1.33 million higher than when the recession began.

Manufacturing’s share of the nation’s total job gain since February, 2010: 7.26 percent.

Another sign of the weakness of manufacturing job creation during the recovery: In September (the latest available figure), inflation-adjusted wages in the sector fell back by five cents an hour on month (0.29 percent, to $10.46 per hour) after rising by five cents an hour (0.48 percent) in August. Real manufacturing wages are now down two cents an hour (0.19 percent) year on year and by 2.43 percent since the recovery technically began in June, 2009. Since its February, 2010 employment bottom, real manufacturing wages are down 2.15 percent.

Real wages in the private sector as a whole (total nonfarm figures are not available) fell by only a penny (0.10 percent) on month in September, to $10.33 per hour. In contrast to the longer-term decline in manufacturing, real private sector wages are up two cents an hour (0.19 percent) since the recovery’s June, 2009 beginning and flat since the February, 2010 employment trough.

More encouragingly, manufacturing’s year-on-year job gains remain well above levels earlier in the year, rising from 79,000 in January to an upwardly revised peak of 173,000 in September to 170,000 so far for October. These latest recent year-on-year improvements are also more than three times higher than their 2012-2013 counterparts.

At the same time, the 1,000 net jobs lost in non-durable goods from September to October mean that this large sector extended its run of net employment losses since the February, 2010 recessionary low.