Employment rates have been steadily increasing for years. In fact, the unemployment rate has been holding steady for months at a record-low 3.7%, as of November 2018.
Manufacturing jobs are part of this resurgence, as they’ve been on the rise since 2016. Impressively, 63.2% of manufacturing professionals displaced from 2013-15 found work again by January 2016, according to data from the Bureau of Labor Statistics.
Manufacturing Jobs Experiencing Serious Gains
A seriously impressive 27,000 manufacturing jobs were added to the workforce in November 2017 alone, according to the BLS. This includes 6,000 new positions in chemicals and 3,000 in primary metals. As a whole, manufacturing employment surged by 288,000 during the year, with many new jobs added in durable goods industries.
Interestingly, the manufacturing unemployment rate experienced a small gain from 2.6% in November 2017 to 2.9% in November 2018. A further breakdown revealed the unemployment rate for the durable goods sector was 2.4% in November 2017 and 2.7% in November 2018. Slightly higher numbers were listed both years for the nondurable goods sector, which experienced a 2.9% unemployment rate in November 2017 and 3.2% in 2018.
Despite the marginal increase, all numbers are notably lower than the 3.7% unemployment rate for all industries.
Not only are unemployment rates impressive for the manufacturing field, the BLS reports workers are also earning competitive wages. In November 2018, average hourly earnings totaled $27.12, which is slightly lower than the $27.35 hourly average for all private sector employees, but average weekly earnings totaled $1,109.76, compared with $940.84 for all private sector employees.
Manufacturing Employment in 2019
It’s too soon to tell what’s in store for manufacturing jobs in 2019, but considering the success realized in 2018, the outlook seems very promising. The seriously low unemployment rate makes it a job seeker’s market. Employers will likely need to dedicate more resources than ever to finding top talent, since the best candidates will be in high demand.
Whether you’re a professional searching for a rewarding new manufacturing opportunity or a Chicagoland company looking to fill an open position with top talent, Premium Staffing, Inc. is here to assist. Contact us today to find out what our team can do for you!