Manufacturing fell back into a technical jobs recession in February, as the sector’s 16,000 month-to-month jobs decrease combined with negative revisions to produce cumulative employment loss for the sector since July – seven months ago. The sequential job loss – the first since last August – also created another new all-time low (8.59 percent) for manufacturing employment as a share of total non-farm jobs.
In addition, February’s year-on-year manufacturing jobs gain (12,000) was its worst such performance since September, 2010 registered a decline. In pre-inflation terms, manufacturing wages fell sequentially for the second time in three months, and the sector’s year-on-year wage advance was the lowest (2.24 percent) since August.
Here’s my analysis of the latest monthly (February) manufacturing figures contained in this morning’s employment report from the Bureau of Labor Statistics:
This post was published at Wall Street Examiner by Alan Tonelson ‘ March 4, 2016.
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