New Jobs Report Leaves Manufacturers Behind
An otherwise strong jobs report highlights the continuing struggle of the manufacturing industry in the modern American economy. Total nonfarm payroll employment rose by 215,000 in March, and the unemployment rate remained at 5%. Companies have been hiring in recent months at a pace not seen before in this century, the NY Times reports. Wages are rising faster than inflation, joblessness is hovering near low levels last reached in 2007 before the recession, and the masses of unemployed people who gave up and dropped out of the job market is not only looking for work, but finding it as well. Yet despite this strong jobs report, the Bureau of Labor Statistics still found that the manufacturing sector had actually lost 29,000 jobs in March. The stark contrast with the rest of the labor market drives home that the manufacturing industry’s struggles are deeper than the weakened post-recession economy.
