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JOLTS: Hiring in the Manufacturing Sector Rose in February to Best Reading in More Than 10 Years

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The Bureau of Labor Statistics reported that hiring in the manufacturing sector rose in February to its best reading since November 2007, according to the latest Job Openings and Labor Turnover Survey data. The manufacturing sector hired 380,000 workers in February, up from 360,000 in January. That reflected stronger activity for both durable (up from 212,000 to 215,000) and nondurable (up from 149,000 to 165,000) goods businesses. At the same time, total separations—including layoffs, quits and retirements—rose from 343,000 to 352,000, a level not seen since May 2009.

As a result, net hiring (or hires minus separations) rose from 17,000 in January to 28,000 in February, a four-month high. More importantly, however, net hiring has averaged a rather healthy 16,417 over the past 12 months, with a robust average of 25,142 over the past seven months.

Meanwhile, there were 426,000 manufacturing job openings in February, inching up from 424,000 in January. That was the strongest reading since September (445,000), which was a pace not seen since January 2001. In fact, the job postings rate in February was only the sixth time since the indicator started in December 2000 that openings have exceeded 400,000. In the latest figures, nondurable goods firms posted more jobs in February (up from 152,000 to 158,000), which was just enough to offset a slightly slower pace of openings for durable goods manufacturers (down from 273,000 to 269,000).

The pace of job openings has continued to trend higher overall. For comparison purposes, monthly job openings in the sector averaged 389,667 in 2017, up from 341,250 in 2016. Moving forward, renewed strength for job openings would be anticipated in the coming months.

Turning to the larger economy, job openings for nonfarm payroll businesses dropped from 6,228,000 in January to 6,052,000 in February. January’s rate was the second highest in the survey’s history, narrowly edged out by the 6,231,000 openings in September. In the latest data, job openings increased in financial activities, government, health care and social assistance, information, manufacturing and other services sectors. At the same time, net hiring among nonfarm businesses continued to be very solid, at 255,000 and 315,000 in January and February, respectively.

ADP: Manufacturers Added 14,000 Workers in February, Averaging 14,700 per Month Since 2016

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Key Takeaways: The manufacturing job market continues to show signs of strength, with the sector adding 14,000 workers in February. Since the end of 2016, manufacturers have hired nearly 14,700 each month—a robust pace. In the larger economy, nonfarm payrolls were up by 235,000 in February, well above the consensus estimate of around 195,000.

 

ADP said that manufacturers added 14,000 workers in February, once again extending the strong job gains in the sector as production and the overall outlook have improved substantially. Indeed, manufacturing business leaders have hired at a robust rate since the end of 2016, averaging nearly 14,700 per month over the past 14 months. In contrast, manufacturing employment was more sluggish in 2016, illustrating the turnaround in the labor market since then. More importantly, we expect continued strength in job growth moving forward. Read More

ADP: Manufacturers Added 12,000 Workers in January, Extending the Strong Job Gains Seen in the Sector in 2017

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ADP said that manufacturers added 12,000 workers in January, extending the strong job gains in the sector seen last year. It was the eighth straight month of employment growth. Manufacturing business leaders have hired at a robust rate over the course of the past year, with the labor market tightening on improved economic outlook and healthy growth in activity. The sector has hired an average of 18,290 per month in 2017—a significant turnaround from 2016’s more-sluggish pace. We expect continued strength in job growth moving forward. Read More

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