While the economic recovery will soon enter its fifth year, wage growth is invisible. In part, it’s because unemployment is high, but also because more and more jobs are in leisure/hospitality and retail. These two sectors now account for 21% of US employment, yet pay just $13/hour and $16/hour respectively. Manufacturing pays $23/hour, yet employs just 9% of the workforce. Good paying jobs are being lost and not being replaced.
Tag Archives: manufacturing
Goods Going Global
While manufacturing and exports have helped lead the nation out of the financial crisis, the importance of manufactured exports on state economies varies tremendously. TX leads the way with almost $9,000 per capita in manufactured exports, with LA next at $7,700, followed by WA at $7,193 and VT at $6,615. NM is lowest at $933, followed by MT at $1,165 and CO at $1,315. The US average is $4,066.
ISM reports growth!
The monthly Institute of Supply Management Report on Business (ISM) is a survey based index of more than 300 manufacturing firms that tracks 11 dimensions of activity across 18 Industries. Readings below 50 indicate recession. Value above 50 indicate growth. The index ranges from 0 to 100. The Jan ISM rose to 60.8 (it’s highest level since May ’04), & 14 of 18 industries reported growth!