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U.S. Manufacturers Walk Back Employment Gains in June

Posted by IndustrySelect on Friday, July 5, 2024

The latest employment summary from the U.S. Department of Labor finds employment levels in U.S. manufacturing dropped by 8,000 jobs in June, erasing the 8,000 job-gain the sector reported in May. Meanwhile, a more in-depth look at the data from the Labor Department finds some notable gains—and losses within specific subsectors. 

U.S. Manufacturing Hiring Trends in June 2024

Durable goods manufacturers shed 10,000 jobs in June, according to the Department of Labor, which were offset by a 2,000-job gain in non-durable goods manufacturing—resulting in a net loss of 8,000 jobs.

Meanwhile, the overall jobs report finds the U.S. economy added 206,000 jobs in June, dipping below the 272,000 jobs added in May. The unemployment rate trended up slightly to 4.1%. Health care, government, healthcare, social assistance, and construction.

Additionally, the latest Job Openings and Labor Turnover survey finds that unfilled positions in U.S. manufacturing rose slightly to a little over a half million jobs. The Labor Department recorded 586,000 unfilled positions for the sector in May, up from 490,000 reported in April.

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Manufacturing Hiring Trends in June 2024 

The Manufacturing Sectors That Lost Jobs in June 2024

In June, manufacturing job losses were led by durable goods manufacturing, which shed 10,000 jobs. Losses were sharpest in fabricated metal products and machinery, each of which lost 6,500 jobs.

Other losses included electrical equipment (-2,800 jobs); plastics (2,500 jobs); and miscellaneous durable goods manufacturing (-2,200 jobs).

The Manufacturing Industries That Gained Jobs in June 2024

These losses were offset by a 5,900-job gain in motor vehicles manufacturing. Gains were also seen in food manufacturing (+3,100 jobs); paper manufacturing (+2,300 jobs); wood products (+1,700 jobs); and nonmetallic mineral products (+1,300 jobs)

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Editor's note: This article is updated on the first Friday of every month, based on the latest data released by the Department of Labor.

 

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