The U.S. Bureau of Labor Statistics has released its monthly employment report which shows that total nonfarm payroll employment rose by 517,000 jobs in January with the unemployment rate staying fairly consistent at 3.4%.
The manufacturing industry saw an increase of 19,000 jobs last month. While this is an increase, it is down from the 33,000 additional jobs per month average seen in 2022.
According to SME, of the 19,000 new jobs, 15,000 came from non-durable goods industries like food processing, which added 6,900 jobs.
In a recent quote, President Joe Biden said, ”For the past two years, we’ve heard a chorus of critics write off my economic plan. They said it’s just not possible to grow the economy from the bottom up and the middle out. And they said we can’t bring back American manufacturing. They said we can’t make things in America anymore, that somehow adding jobs was a bad thing. Well — or that the only way to slow down inflation was to destroy jobs. Well, today’s data makes crystal clear what I’ve always known in my gut: These critics and cynics are wrong.”