The U.S. manufacturing sector is rebounding at a rate unseen since the late 1990s. For the first time in more than a decade, output and employment are steadily and simultaneously increasing. A new Commerce Department report, Manufacturing Since the Great Recession, provides an overview of the resurgence of this important economic sector, examining production, international trade and the labor market.
Some of the key findings included in the report are:
- Manufacturing output has grown 38 percent since the second quarter of 2009 when the Great Recession ended, and accounts for 19 percent of the rise in real gross domestic product (GDP) since that time;
- From March 2010 through May 2014, the manufacturing sector has added 646,000 jobs with an additional 243,000 positions yet to be filled. This is more than a cyclical rebound; the US has gained about four times as many manufacturing jobs since 2009 as would be expected from cyclical factors alone; and,
- In 2013, average annual weekly hours for production workers in the manufacturing sector were at their highest level since the mid-1940s.
Manufacturing jobs are good jobs: workers earn 16 percent more in manufacturing jobs (in combined wages and benefits) than they would elsewhere. Not surprisingly, quit rates are also lower than in any non-government sector.