US manufacturing production has witnessed steady growth
The US manufacturing sector saw a rise in its production capabilities at the end of 2018, the most in recent years. Ongoing demands on the automotive sector, amidst uncertainties across Europe due to Brexit has created unease, yet the recent news has been positively received. The manufacturing industry accounts for approximately 12% of the US economy, Reuters has reported.
The Federal Reserve has revealed that manufacturing output rose 1.1% from last month, with motor vehicle production numbers rising by 4.7%. Demands within mining production has also led to a 0.3% rise in industrial production.
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The market continues on a steady trajectory, with the number of available positions in the industry exceeding 12mn. More than 260,000 new roles were advertised across the country in 2018, amidst growing demands across a number of areas across the industry, alongside President Trump’s bid to encourage business leaders to bring its manufacturing operations back to the US.
Bernard Baumohl, chief global economist for The Economic Outlook Group in Princeton, N.J., informed the public companies are opting to hire workers rather than increase capital expenditure, and that the government has sought to actively become involved in global supply chains.
“Workers are viewed more like inventory,” he says. “If you need them, you can hire them, and if the economy really turns south, you can let them go. CEO have taken a very realistic approach,” he said.