Happy Days are Here Again….Kind Of?
In April 2010, nonfarm payroll employment increased by 290,000. Since December 2009, nonfarm payroll employment has increased by 573,000, with 483,000 jobs added in the private sector. The majority of job growth occurred during the last 2 months. Manufacturing added 44,000 of these jobs gains in April. Since December, factory employment has risen by 101,000. Over the month, gains occurred in several durable goods industries, including fabricated metals (9,000) and machinery (7,000). Employment also grew in nondurable goods manufacturing (14,000). I hope you are in one of these sectors.
Chart of the number of job losses from January 2008 to March 2010.
Finally after about two (2) years of job losses, manufacturing started growing in October 2009, driven by re-orders from low inventory levels, and finally has began adding jobs in the last couple of months. Manufacturing has always been a lead economic indicator seeing the downturn before the rest of the economy in 2008 and starting to see the upturn beginning in October 2009. The belief is that job additions will continue. U.S. manufacturing companies have improved their productivity over the past two (2) years and have improved earnings, which should translate into a willingness to invest in manufacturing infrastructure for future growth and improved profitability by making investments in plant and equipment.
Let me know what you think…Do you believe American Manufacturing is on the Comeback?
Ben Moore
Agent Technologies, Inc.
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The Consumer's Workshop: the future of American manufacturing
The Consumer's Workshop: The Future of American Manufacturing is a hand book on how to setup the systems within your company and create the workforce you need to be successful now and in the future. Written by authors that have worked at some of America's largest manufacturers, founded their own manufacturing organizations and helped numerous small manufacturers grow.
The Consumer's Workshop: The Future of American Manufacturing is a must read for today's business leaders. It is insightful and provocative in its approach to where US manufacturing has been, how manufacturing got into the troubles it faces today and what we need to do to become the standard for world class once again. If we want to know how to regain that competitive edge once again, the roadmap is certainly the pages of The Consumer Workshop.
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 The Consumer's Workshop is an extremely timely review of how manufacturing strategy developed in the past
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-- Frank Piller, PhD, International Manufacturing Consultant
As the authors make clear, eventually American manufacturing will become the workshop for direct production of consumer's own designs -- or it will be no more. Begin that path by following the steps outlined here."
-- B. Joseph Pine II, author, Mass Customization: The New Frontier in Business Competition
Investment: $12.99
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Happy Days Are Here Again...Kind Of
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Manufacturing Statistics
1) Manufacturing output rose 0.9 percent in March, led by widespread gains among durable goods industries. Source: Federal Reserve Board
2) Manufacturing added 44,000 jobs in April. Since December, factory employment has risen by 101,000. Source: Bureau of Labor Statistics
3) Manufacturing Trade Deficit increased to $39.7 billion in February from $37.0 billion (revised) in January, as imports increased more than exports. Sources: Census Bureau, Bureau of Economic Analysis
4) New orders for manufactured durable goods in March decreased $2.2 billion or 1.3 percent to $176.7 billion; this decrease followed three consecutive months of increases. Source:Census Bureau
5) Inventories of manufactured durable goods in March, up three consecutive months, increased $0.5 billion or 0.2 percent to $304.7 billion. Source: Census Bureau
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