Employment Trends in Manufacturing
The manufacturing sector experienced a notable decline in job additions during the fourth quarter, primarily attributed to strike activity in the auto industry. Particularly, transportation equipment manufacturing faced a significant setback in October 2023, shedding 35,000 jobs. However, the scenario improved in November as the United Auto Workers union reached tentative agreements with major Detroit car manufacturers, resulting in the addition of 34,800 jobs in transportation equipment manufacturing.
Despite this improvement, the overall momentum slowed, with transportation equipment manufacturing adding the most jobs on a three-month moving average (2,800), a substantial decrease from the third quarter. Notably, food manufacturing, machinery, and computer electronic products, which showed minimal growth or even job losses in September 2023, rebounded in December 2023, collectively adding 1,600 jobs across all three subsectors.
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