BackNo job growth in manufacturing yet
While jobs were being added in manufacturing at beginning of the year, that has petered out and last two months have seen a contraction in employment
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The gross domestic product numbers for the April-June quarter show a sharp improvement in the manufacturing sector, but that hasn’t yet translated into fresh jobs. The chart shows the Employment sub-index of the Purchasing Managers’ Index (PMI) for manufacturing. Note that while jobs were being added in the sector at the beginning of the year, that has petered out and the last two months have seen a contraction in employment, albeit a very marginal one. (A PMI reading below 50 indicates contraction, while one above 50 shows expansion). Nevertheless, employment is a lagging indicator and as the economy improves, jobs too should pick up.
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