According to the U.S. Bureau of Labor Statistics, the manufacturing industry added 23,000 jobs in the month of January 2024, a strong gain for this sector. Not only has U.S. job growth accelerated, but wages were raised, the most in close to 2 years. Top-paying positions, including industrial production managers and industrial engineers, boasted salaries surpassing double the median wage for all occupations in 2022, which stood at $46,310, with earnings reaching $107,560 and $96,350, respectively.
The U.S. Bureau of Labor Statistics also reported that in January, the average weekly hours for all employees in manufacturing remained steady at 39.8 hours. However, there was a slight decrease in the average weekly hours for production workers, dropping by 0.3 hours to 40.0 hours. Similarly, the average weekly overtime hours for both all employees and production workers decreased by 0.1 hour to 2.7 and 3.4 hours, respectively.
Employers continue to face a variety of challenges related to recruiting and hiring. These open roles require specialized training as many job functions must now advance to incorporate digital transformation and innovations, like AI, automation, and robotics, requiring employers to seek a unique skillset when hiring. This is not the only area of focus for business owners and organizations, they are also seeing a generational shift as baby boomers retire, younger individuals entering the workforce must explore the opportunities in the industry.
The manufacturing industry is a fundamental pillar of the United States’ economic framework, accounting for an impressive 15% of the total economic output in 2022, marking the largest contribution among all industry subsectors. If people do not pursue careers in manufacturing, the Manufacturing Institute estimates that over 2 million positions may remain vacant within the sector by 2030.
This industry presents ample opportunities for skilled workers, with a multitude of job openings waiting to be filled by those ready to contribute to its growth and innovation.
