Manufacturers Add 4,000 New Workers in June
Manufacturing employment increased by 4,000 net new workers in June, according to the Bureau of Labor Statistics. Though slightly lower than the 7,000 employees added in May, the good news is that manufacturing job gains have been positive the past two months after a flat April. The largest employment increases were seen in the food manufacturing, electrical equipment and appliances, furniture and motor vehicles and parts sectors. Overall, the unemployment rate declined from 5.5 percent to 5.3 percent, its lowest level since April 2008. To learn more, visit here.
Manufacturing Construction Spending Rises Sharply Again in May
Private, nonresidential manufacturing construction spending rose sharply in May, up 6.2 percent to an annualized $89.69 billion, according to the Census Bureau. This current level is another all-time high for this data series and on a year-over-year basis, manufacturing construction has increased by a whopping 70.1 percent! Besides the manufacturing sector, other areas saw significant increases for the month, including the amusement and recreation (up 6.1 percent), lodging (up 3.3 percent), communications (up 3.2 percent), religious (up 1.2 percent) and office (up 0.7 percent) segments. To learn more, visit here.
Consumer Confidence Increases in June
The Consumer Confidence Index jumped higher in June, from 94.6 in May to 101.4 last month, according to the Conference Board. Coming after two months of softness, this data suggests that Americans’ attitudes have rebounded from weaknesses earlier in the year. Nonetheless, buying plans were mixed as consumers noted that they were more likely to purchase an automobile, but less likely to buy an appliance. If confidence does continue to rise, overall consumer spending should get a boost moving forward. To learn more, visit here.
Texas Manufacturers Contract for the Sixth Straight Month
Texas manufacturers are continuing to struggle as manufacturing activity contracted for the sixth straight month in June, according to the Dallas Federal Reserve Bank. The pace of decline did ease a bit in June and if crude oil prices can stabilize, the Texas district may experience some progress. The prognosis for the next six months is encouraging, with anticipated growth for new orders, production, shipments, employment and capital expenditures. To learn more, visit here.