The Bureau of Labor Statistics (BLM) reported strong job growth and falling unemployment rates in May, with over 18,000 manufacturing jobs added last month:
“Total nonfarm payroll employment increased by 223,000 in May, and the unemployment rate edged down to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in several industries, including retail trade, health care, and construction.”
“The unemployment rate edged down to 3.8 percent in May, and the number of unemployed persons declined to 6.1 million. Over the year, the unemployment rate was down by 0.5 percentage point, and the number of unemployed persons declined by 772,000.”
According to BLM statistics, durable goods continue to drive employment growth in the manufacturing sector, as Advanced Manufacturing editor Bill Koenig found last year.
“Manufacturing employment continued to expand over the month (+18,000). Durable goods accounted for most of the change, including an increase of 6,000 jobs in machinery. Manufacturing employment has risen by 259,000 over the year, with about three-fourths of the growth in durable goods industries.”
Unlike in 2017, Bloomberg notes that growth was spread across all manufacturing sectors. It also reports that the order backlogs index has increased to its highest point since 2004, with customer inventories falling and supplier deliveries on the rise.
All of this points to rising demand and a need for greater capacity on the part of manufacturers to take advantage of increased business and new opportunities. As the labor market shrinks and manufacturers must increasingly compete for skilled workers, NCMS remains committed to supporting workforce development and helping companies leverage their existing talent. Through a partnership with Tooling U-SME, NCMS offers discounted access for its members to a course package covering high-demand skills ranging from Additive Manufacturing to Composites to Robotics, Computer Numeric Controls, and much more.