No matter how anyone tries to spin it, the current economy seems to be booming. We’re talking low unemployment numbers and consistent job gains. But what kind of jobs? Everything seems to be taking off, except for the manufacturing sector.
Here’s Five Fast Facts About Factory Jobs Flatlining:
- 🏭 Flat - Factory job hiring trends have been a straight line for a while now, while jobs in the related construction and heavy industry fields continue to increase. Weird, right?
- 🚜 Big Guns - Heavy-hitters like Deere, Whirlpool, and 3M have recently gone through targeted layoffs. Other factories have slowed or eliminated new jobs altogether. It should be noted that all three manufacturers just mentioned are still turning impressive profits. They’re not in any kind of trouble.
- 🧑🏭 High Rates - Economists say it’s the result of high interest rates and the end of the demand for manufactured goods that was brought on by the pandemic. If the Fed were to cut interest rates, things should change because people are buying stuff like giant tractors and washing machines again.
- 🤖 Same Old - The decline is actually nothing new. It’s been a long-term trend since services and automation reduced the need for human workers. Companies are also turning to overseas labor markets. Currently, factory jobs account for just 8.2% of total U.S. employment.
- 🏗️ Next Year - The recent boom in factory construction is creating jobs for builders and companies that produce building materials like cement and steel. Those jobs are expected to arrive in 2025.
🔥Bottom line: Who can you blame for the lack of manufacturing jobs? The economy? The President? A political party? In this case it certainly seems like it’s the companies that own said factories, combined with a little bit of capitalism. If these 2025 predictions are true, things will turn around.
Do you work in a factory?
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