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Manufacturing in September

Summary:
Production, employment (production & nonsupervisory), and aggregate hours are all declining, and all down relative to recent peak. Figure 1: Manufacturing employment – production and nonsupervisory workers (blue), aggregate hours (teal), manufacturing production (red), in logs 2019M01=0. Source: BLS, Federal Reserve Board, via FRED, and author’s calculations. In other news, year-on-year industrial production is now (barely) negative. [1]

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Production, employment (production & nonsupervisory), and aggregate hours are all declining, and all down relative to recent peak.

Manufacturing in September

Figure 1: Manufacturing employment – production and nonsupervisory workers (blue), aggregate hours (teal), manufacturing production (red), in logs 2019M01=0. Source: BLS, Federal Reserve Board, via FRED, and author’s calculations.

In other news, year-on-year industrial production is now (barely) negative. [1]

Menzie Chinn
He is Professor of Public Affairs and Economics at the University of Wisconsin, Madison

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