U.S. manufacturers shed 7,000 jobs in September, a weak spot in an otherwise strong employment report.
The U.S. has lost 34,000 manufacturing jobs in the past two months, according to Bureau of Labor Statistics data out Friday. Employment now stands at a two-year low in a sector that has been struggling from weak demand, high interest rates and uncertainty about the presidential election that has hindered capital spending.
The October jobs report published Nov. 1 may show further weakness in manufacturing after some 33,000 Boeing Co. factory workers started a strike in the second week of September.
Even after the recent declines, manufacturing employment remains well above its pre-pandemic levels. After bouncing back in 2022, payrolls in the sector flattened in 2023 and they’ve been trending down this year.
The numbers may be bottoming out, according to the Alliance for American Manufacturing. The group is hoping the Federal Reserve’s cut in interest rates last month will spur a rebound.
“The weak September jobs report for manufacturing is the latest stark reminder of the necessity for the Federal Reserve’s recent interest rate cut,” Alliance President Scott Paul said in a statement. “I’m hopeful that we’re turning a corner now.”
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