Michigan Senate Republican candidate Mike Rogers expressed confidence that Trump and Congressional Republicans will win a majority in the election and detailed his priorities for protecting Detroit's auto industry.
of manufacturing industry Job cuts continued in October, with 78,000 jobs lost in the past three months.
The Department of Labor's Bureau of Labor Statistics announced Friday. job report The agency's preliminary analysis found that 46,000 manufacturing jobs were lost last month.
This was followed by a preliminary figure of 6,000 fewer jobs in September, followed by 26,000 fewer jobs in August.
Manufacturing job losses in September included a loss of 44,000 jobs in transportation equipment manufacturing due to strike activity. Part of that can be attributed to an ongoing strike by Boeing's roughly 33,000 unionized machinists.
US economy adds 12,000 jobs in October, far less than economists expected
Manufacturing has endured weak employment in recent months. (Photographer: Emily Elkonin/Bloomberg via Getty Images/Getty Images)
The International Association of Machinists and Aerospace Workers (IAM) began a strike on Sept. 13 and has so far rejected Boeing's new contract offer amid the impasse, but the company announced late on Thursday that it was considering a new contract. A new offer was presented to the union.
of boeing strike It has also affected the aerospace giant's supply chain, with some suppliers, including Spirit Aero, temporarily furloughing employees as the workforce disruption impacts operations.
Manufacturers talk about what it will take to maintain prosperity in 2024
Boeing machinists have been on strike since mid-September, but the company presented a new and improved contract proposal to the union on Thursday. (M. Scott Brauer/Bloomberg via Getty Images/Getty Images)
Small strike by 5,000 IAM machinists aviation and aerospace Contractor Textron also pushed down the manufacturing jobs report. The Textron strike began on September 23rd and ended on October 21st, weighing on manufacturing employment statistics.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BA | boeing company | 150.87 | -4.26 |
-2.75% |
| TXT | Textron Co., Ltd. | 82.04 | +0.58 |
+0.71% |
Manufacturing has struggled to create jobs over the past year, with jobs down 85,000 (0.7%) in the past six months and 50,000 (0.4%) over the past 12 months.
The sector's best month for job creation over the past 12 months was November 2023, with an increase of 25,000 jobs, followed by December, which added 12,000 jobs.
The last monthly manufacturing employment increase in 2024 was in July, when payrolls increased by 6,000. The largest monthly increase this year was in April, when employment rose by 7,000 people.
Biden administration's LNG export ban puts nearly 1 million jobs at risk: study
Jay Timmons, president and CEO of the National Association of Manufacturers, discusses what the next administration needs to help the industry continue to grow and maintain its global dominance.
The National Association of Manufacturers (NAM) called on the next administration and Congress to restore tax incentives for next-generation manufacturers. Capital investment This includes expanding and updating facilities and equipment, as well as relaxing regulations that are costly to implement.
NAM also called on lawmakers to avoid “tax Armageddon” next year and give certainty to the industry, where many provisions of the 2017 Tax Act, known as the “Tax Act”, will be released next year. Tax Cuts and Jobs Act It is scheduled to expire.
CLICK HERE TO GET FOX BUSINESS ON THE GO
“Frankly, there's a lot of discussion right now on both sides about increasing taxes on manufacturers and potentially increasing taxes on businesses,” NAM CEO Jay Timmons said on FOX Business this summer. “I'm doing it,” he said. “It doesn't help us. You know, it doesn't help us grow. It doesn't help our economic growth. And it definitely doesn't help our leadership. ”
FOX Business' Edward Lawrence contributed to this report.
