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Manufacturing Jobs are Looking Positively Unbridled November 3, 2017

Posted by geoff in News.
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Back in the bad old days of the Obama administration, promises were made and quickly forgotten. One of the more important promises was Barack Obama’s pledge at the 2012 DNC convention to add 1 million manufacturing jobs within 4 years.

He never got close, of course. By the time he left office he had only added 400K, most of which were due to the rebound of the economy. In his last year and half he didn’t add any manufacturing jobs. At all.

Donald Trump isn’t on the million job pace either, but he is presiding over a very welcome surge in manufacturing jobs, having added just over 100K in the past 9 months. Check it out:

ManufJobsNov2017Report

That there is a dramatic positive change in manufacturing employment, which is very nice to see.

Comments»

1. Sobek - November 3, 2017

I would say the chart needs more triangles, but I wonder if you could make the chart with cowbells, instead.

2. Cathy - November 9, 2017

Every time I hear “CHINA” in the news, I think of you Geoff. This morning, after hearing about new business with Boeing was no exception.

Maybe your charts will look even better in the coming months and years.

3. NannyG - November 22, 2017

Zero Hedge: “[B]etween October 2007 and the April 2010 bottom, the U.S. lost 2.3 million manufacturing jobs — representing a loss of 76,000 high paying jobs per month.

By contrast, during the three years since October 2014, the U.S. has recovered about one-tenth of that loss — with manufacturing jobs expanding at a rate of just 6,000 per month. That is to say, the WSJ was essentially trumpeting statistical noise.”
http://www.zerohedge.com/news/2017-11-22/david-stockman-exposes-illusion-growth

My question:
How would a longer-term graph look?
Is there more meaning in having a short-term one?

4. Retired Geezer - November 22, 2017

How would a longer-term graph look?
Is there more meaning in having a short-term one?


Good questions.
geoff is a little busy this week(s) but I hope he will hop on it soon.

5. geoff - November 22, 2017

By contrast, during the three years since October 2014, the U.S. has recovered about one-tenth of that loss — with manufacturing jobs expanding at a rate of just 6,000 per month.

This is a ridiculous statement. The rate was actually 3K/mo for 24 months, and then 13K/mo over the past year. Averaging it out over 3 years gives a totally different picture than reality, as you can see from the plot above. It’s still not a very fast rate, but it’s been a sustained growth for a year, which wasn’t true previously.

How would a longer-term graph look?

You can roughly add 500K manufacturing jobs to the 500K in the chart to get the total jobs regained after the loss. So the story is: yes, we’ve still got another 1.3 million manufacturing jobs to add to get back to where we were before the recession.

I’ll try to put up a chart of a longer period at the end of next week, work permitting.

Is there more meaning in having a short-term one?

The short time period is meant to focus on President Obama’s promise to add 1 million manufacturing jobs in 4 years.

6. lauraw - November 23, 2017

I’m pretty excited to see growth again. I wonder if we can possibly grow out of this hole of debt, though.


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