Manufacturing lost 4,000 jobs last month, the Bureau of Labor Statistics said today.
Durable goods employment was little changed while non-durable goods absorbed the bulk of the job loss, according to a breakdown by sector issued by the bureau.
Job gainers included transportation equipment, up 1,300 jobs. That included a gain of 200 jobs in motor vehicles and parts. Non-metallic mineral products added 1,500 jobs and computer and electronic products added 2,800.
Industries posting job losses included furniture, down 2,800 jobs, and wood products, down 1,000.
Manufacturing employment took a hit in early 2020 with the COVID-19 pandemic. Jobs in the sector began to recover later that year and rose in 2021 and 2022. Manufacturing eventually recovered all the lost jobs.
However, the manufacturing economy began slowing down in late 2022. The Institute for Supply Management’s manufacturing index indicates the sector has been in economic contraction the past four months.
That index, known as the PMI, is considered a leading economic indicator and a barometer of where manufacturing is heading. The PMI is based on a survey of executives in 18 industries. The institute has said it expects sluggish results in this year’s first half, with a recovery in the second half.
The Federal Reserve Board has been raising interest rates to cool the economy and reduce inflation.
Manufacturing totaled 12.983 million jobs on a seasonally adjusted basis in February, according to the bureau. That was down from an adjusted 12.987 million in January but better than the 12.654 million in February 2022.
Total non-farm employment increased by 311,000 jobs in February, the bureau said in a statement. That was better than the 205,000 estimate by economists surveyed by Reuters.
The U.S. unemployment rate rose to 3.6 percent from 3.4 percent in January.
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