Manufacturing employment barely changed in March, according to data released April 7.
Durable goods added 1,000 jobs last month, the Bureau of Labor Statistics said. That was offset by a loss of 2,000 jobs in non-durable goods for an overall manufacturing loss of 1,000 jobs.
Within durable goods, transportation equipment posted a gain of 6,400 jobs. That included an increase of 3,700 jobs in motor vehicles and parts. Automakers, including General Motors Co., posted higher U.S. vehicle sales in the first quarter as supplies of cars and trucks improved. The industry has been dealing with a shortage of semiconductors.
Other job gainers included machinery, up 3,800.
Other durable goods categories posted employment declines. They included fabricated metal products (down 4,100) and non-metallic minerals manufacturing (down 2,200).
Manufacturing employment totaled 12.983 million on a seasonally adjusted basis in March. That compares with 12.984 million the month before and 12.716 million in March 2022.
The Federal Reserve has been increasing interest rates to cool the economy and reduce inflation. That has caught up with manufacturing. The Institute for Supply Management said April 3 its manufacturing index showed economic contraction for the fifth consecutive month in March. The index is considered a leading economic indicator and a barometer of where manufacturing is headed.
Total non-farm employment rose by 236,000 jobs last month, the bureau said in a statement. Economists surveyed by Reuters had expected a gain of 239,000.
The U.S. unemployment rate fell to 3.5% in March, down from 3.6% in February.
Connect With Us
