The Bureau of Labor Statistics released Manufacturing Productivity Numbers for second quarter 2014 this morning:
“Manufacturing sector productivity increased 3.3 percent in the second quarter of 2014, as output increased 6.9 percent and hours worked increased 3.5 percent. The increase in output was the largest since the second quarter of 2010 (11.6 percent). Productivity increased 3.4 percent in the durable goods sector and increased 4.7 percent in the nondurable goods sector. Over the last 4 quarters, manufacturing productivity increased 2.1 percent, as output increased 3.7 percent and hours increased 1.6 percent. Unit labor costs in manufacturing decreased 1.6 percent in the second quarter of 2014 and increased 0.8 percent from the same quarter a year ago.” BLS release.
If you have been following our blog, this is probably not unexpected news for you.
Precision machining companies make the high precision highly engineered components that make most manufactured products function.
In other news today seasonally adjusted initial claims for unemployment increased to 302,000; the real U-6 unemployment rate is 12.6%.
Given that the Civilian workforce is 156,123,000 persons, this represents 19,671,498 persons unemployed.
If I was unemployed, wanted to work, and I saw the bullish numbers about manufacturing, I know what I would do.
Photo Credit: StealingFaith