Manufacturing gained 28,000 net new jobs in November, according to new government figures, and upward revisions for October and September further buoyed its employment to the highest level since March, 2009. Inflation-adjusted manufacturing wages increased month-on-month and year-on in October (the latest available figure), but remain down so far during the recovery. Employment in the large non-durable goods sector finally ended a recession that began in April, 2010.
Here are the manufacturing highlights from the new employment report for November from the Bureau of Labor Statistics:
>Today’s November jobs figures indicated that the sector has moved past a brief summer employment slump, as the preliminary 28,000 gain was industry’s biggest monthly increase since last November’s 35,000 rise.
>In addition, October’s manufacturing jobs gain was revised upward from 15,000 to 20,000, and September’s 9,000 increase was revised up to 12,000.
>As a result, manufacturing’s November employment level of 12.217 million was its highest since March, 2009, when it totaled 12.207 million.
>Manufacturing’s year-on-year job-creation was impressive in November, too. Though down slightly from the 2014 peak reached last month (178,000 to 171,000), it’s more than twice as high as the annual growth in the first quarter, and has been accelerating even after the harsh winter ended.
>Nonetheless, because total nonfarm employment rose by 321,000 in November, manufacturing’s share of that economy-wide figure has remained at a record low 8.72 percent since September. At its February, 2010 absolute employment bottom, manufacturing represented 10.69 percent of total nonfarm jobs.
>Manufacturing has now regained 764,000 of the 2.293 million jobs it had lost on net from the recession’s onset in December, 2007 to that nadir (33.32 percent). Manufacturing’s current employment level of 12.217 million, therefore, is still 1.529 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 10.390 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 1.695 million higher than when the recession began.
>Manufacturing’s share of the nation’s total job gain since February, 2010: 7.35 percent.
>Manufacturing wages after inflation rose in October both on a month-on-month (0.29 percent) and year-on-year (0.10 percent) basis. September had seen real wages fall according to both measures. But the year-on-year figure represents a sharp deceleration from the 1.45 percent rate achieved between October, 2012 and October, 2013.
>Real manufacturing wages are now down 1.87 percent since the current recovery technically began in June, 2009. Since then, overall real private sector wages are up 0.29 percent.
>The November figures also show that the large non-durable goods manufacturing sector have snapped out of a protracted jobs recession. With a gain of 11,000 net new jobs last month, and a 2,000 increase in October, its employment level has finally surpassed the 4.465 million mark of April, 2010.