Manufacturing Update January
As we get underway in 2016, economic conditions in the manufacturing sector hold steady, even as the number of manufacturing jobs statewide grew by 2,000 last month, and current job openings in the region still hover at over 2,500. Broad interest in and recognition of the importance of the manufacturing sector continue to grow, with articles such as the Industry Week reference appearing more frequently, and more institutions and organizations expressing their support of the sector and its contribution to our regional and economic well-being.
Federal Reserve Bank of Philadelphia Business Outlook Survey
Manufacturing conditions in the region “contracted modestly” in January
- Indicators for general activity remained negative, but rebounded from a lower December reading
- Shipments increased but new orders and employment declined modestly
- Most firms (76%) reported no change in the prices for their own products
- Firms reported, on balance, declines in the prices paid for inputs
- All the survey’s future indicators showed continued weakening while remaining positive
From Industry Week
More on why a “post-industrial” society cannot sustain America’s economic strength—and why manufacturing can!
Among the reasons offered by author Michael Collins in Industry Week are:
- Manufacturing Supports Secondary Jobs
- Manufacturing Leads Innovation and Technological Development
- Manufactured Goods — Not Services — Drive Global Trade
- Manufacturing is Critical to the Nation’s Defense
- Manufacturing Spurs Strong Manufacturing
- Manufacturing Leads Capital Investment and Innovation
- Manufacturing is the Foundation of Global Power
Click here for the complete article.
National Jobs Numbers
- Total nonfarm payroll employment increased by 292,000 in December
- Manufacturing employment showed little change in December
Source: Bureau of Labor Statistics. Click here for report
Statewide Jobs Numbers
- Total nonfarm jobs increased by 9,800 from November to December 2015
- Manufacturing employment increased by 2,000 from November to December 2015
Source: PA Department of Labor & Industry—PA Monthly Workstats. Click here: Current Employment Statistics.