Manufacturing Snapshot

02 Feb 23

After Decades of Big Talk, Reshoring May Finally Happen

Employment Trends in Manufacturing

Manufacturing added jobs at a steady pace throughout all of 2022, despite the challenges of inflation and rising interest rates. In December, the sector rounded out the year with a moderate gain of 8,000 net new jobs. Machinery and food manufacturing far outpaced petroleum and chemical manufacturing, which have been volatile throughout the past year.

Food and machinery manufacturing both grew at modest annualized rates, 1.98% and 3.88% respectively. Chemical manufacturing growth went slightly negative, at -0.18%. After an acceleration in December, petroleum and coal products slowed to -8.32%, in line with the rates seen in early fall.

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