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The manufacturing mini-renaissance continues. Over the past year, according to today’s employment report from the Bureau of Labor Statistics, the sector has added 222,000 jobs, resuming a recovery that had paused in 2015 and 2016 amid strength in the dollar and weakness in the U.S. oil and gas industry.
As is somewhat apparent from the previous chart and is clear in the next one, the rate of manufacturing job gains has accelerated in the past few months. It’s also looking quite strong by the standards of the past three decades.
Manufacturing - Share - Payroll - Employment - Manufacturing
Still, that’s higher than manufacturing’s 8.5 percent share of total nonfarm payroll employment. The manufacturing sector is adding jobs at a faster pace than the rest of the economy, which hasn’t happened much over the past half century. Manufacturing jobs pay better than other jobs ($900.55 in average weekly earnings for production and non-supervisory employees in February, versus $757.12 for the private sector as a whole). They also tend to have multiplier effects that most service jobs don’t, creating other jobs and income in their wake. So...
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