December Jobs Numbers: Still Stuck in Neutral
Friday, January 04, 2013
Also unimpressed with the December numbers was economist Alan Tonelson of the U.S. Business and Industry Council, who said "despite widespread claims of an American industrial renaissance and numerous reports about manufacturing job reshoring, the sector's employment performance has continued to lag that of the entire economy throughout the recovery."
"With the December improvement in manufacturing employment, the sector has now regained 263,000 (13.03%) of the 2.018 million jobs it lost on net during the recession. And manufacturing employment now represents 8.94% of all nonfarm jobs – actually down from the end-of-recession figure of 8.98% and from its 9.96% share when the recession began. (Manufacturing employment bottomed in January, 2010 – several months after the recession technically ended. At that point, its share of total employment had fallen to 8.86%. Therefore, manufacturing has regained 530,000 of the 2.195 million jobs it lost from the recession’s end to this trough – 24.15%.)Click here to read the article...