Manufacturing labor productivity rose 3.0% at the annual rate in the fourth quarter, boosted by continued rebounds in output. Yet, labor productivity in the sector edged down 0.2% in 2020 overall, with manufacturing output down 6.5% and unit labor costs up 7.4%.
Factory orders rose 1.1% in December, increasing for the eighth straight month but declining 0.8% year-over-year. At the same time, durable goods have rebounded strongly since the pandemic. Over the past 12 months, new orders for durable goods have risen 1.9%, but with transportation equipment excluded, sales increased a solid 7.0% year-over-year.
The ISM® Manufacturing Purchasing Managers’ Index® slowed in January but continued to expand solidly, declining from 60.5 in December to 58.7 in January. New orders and production growth remained robust, but respondents cited lingering supply chain disruptions, and raw material costs rose at the fastest pace since April 2011.
The U.S. economy added 49,000 workers in January, bouncing back somewhat after declining by 227,000 in December. There are 9,603,000 fewer nonfarm payrolls today than one year ago. The unemployment rate fell from 6.7% in December to 6.3% in January.
Manufacturing employment fell in January for the first time since April, with the sector losing 10,000 workers to begin the new year. This suggests that broader macroeconomic weaknesses related to the continued spread of COVID-19 have extended to the manufacturing sector, which had been a bright spot in recent months. Over the past 12 months, [...]
WASHINGTON (AP) — President Joe Biden is preparing to sign an executive order to review U.S. supply chains for large-capacity batteries, pharmaceuticals, critical minerals and semiconductors that power cars, phones, military equipment and other goods. The United States has become increasingly reliant on imports of these goods — a potential national security and economic risk [...]
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In today's manufacturing world, women play a much larger role than they have in the past. Whether they are creative, analytical, or process-oriented, there is a place in manufacturing for women. Manufacturers need diversity in their workforce as they develop future technologies and women are a force to be reckoned with, offering some of the [...]
Despite a dramatically altered labor market, manufacturers consistently suggest that they have trouble attracting and retaining sufficient workers. More than 77% of small and medium-sized firms expect to continue struggling to identify talent in 2021 and beyond, according to a new survey from The Manufacturing Institute and BKD, a national CPA and advisory firm. The [...]
OSHA released its new OSHA COVID Guidance per the President's January 21 Executive Order, titled: Protecting Workers: Guidance on Mitigating and Preventing the Spread of COVID-19 in the Workplace. Below is a slide deck highlighting some of the key points included. Please keep in mind that the EO still calls on OSHA to develop a [...]