The Bureau of Labor Statistics released its Job Openings and Labor Turnover Survey, which showed a record 851,000 manufacturing job openings in April, up from 749,000 the month before. NAM Chief Economist Chad Moutray breaks it down for us.
Spotlight on manufacturing: “In April, manufacturers hired 396,000 workers, down from 434,000 in March, largely on reduced hiring for durable goods firms,” said Moutray. “At the same time, total separations increased from 402,000 to 417,000, a 10-month high. Therefore, net hiring (or hiring minus separations) was -21,000 in April, ending two months of positive net growth.”
- Manufacturing production rose 0.4% in April, extending the 3.1% gain in March. Excluding motor vehicles, which plummeted 4.3% due to supply chain challenges, manufacturing production increased 0.6% in April.
- Since February 2020, output in the manufacturing sector is down 1.7% from pre-pandemic levels. I continue to expect manufacturing production to be back to pre-pandemic levels by July.