Monthly Economic Review
by the Congressional
Task Force on Manufacturing

Updated Daily as New Data Become Available

Manufacturing Production
Manufacturing production edged up 0.1 point in March after having dropped 0.5 point in February. Manufacturing output for the first quarter decreased at an annual rate of 0.5 point after having fallen at a similar pace in the fourth quarter. The durable goods sector slipped 0.1 percent; excluding motor vehicles and parts, the output of durables advanced 0.7 percent, and gains were widespread across industries. The nondurable goods sector edged up 0.2 point. Food, beverage, and tobacco products; textile and product mills; paper; printing and support; and chemicals all increased in March.

Manufacturing Employment
Manufacturing employment declined by 46,000 in April with nearly the entire loss occurring in the durable goods sector. Large job losses occurred in motor vehicles and parts (-17,000) and in fabricated metal products (-11,000). Declines also occurred in furniture and related products (-4,000) and in semiconductors and electronic components (-3,000). The manufacturing sector has lost 326,000 jobs over the past year.

Purchasing Managers' Index
Manufacturing failed to grow again in April as the PMI registered 48.6 points, an increase of 0.3 percentage point when compared to February's seasonally adjusted reading of 48.3 percent. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.

U.S. Merchandise Trade Deficit
The manufacturing trade deficit in March decreased $3.5 billion, or 4.8 percent, to $68.6 billion. Exports decreased $2.5 billion, or 2.4 percent, to $104.7 billion, and imports decreased $6.0 billion, or 3.4 percent, to $173.3 billion. The change in exports reflected decreases in capital goods ($1.2 billion); automotive vehicles, parts, and engines ($1.0 billion); consumer goods ($0.7 billion); other goods ($0.2 billion); and industrial supplies and materials ($0.1 billion). The change in imports reflected decreases in automotive vehicles, parts, and engines ($2.1 billion); industrial supplies and materials ($2.0 billion); consumer goods ($1.1 billion); capital goods ($0.8 billion); and foods, feeds, and beverages ($0.1 billion).

January
2008

February
2008

March
2008

-3.36

-69,444

-4.84

Average Hourly and Weekly Earnings
Average hourly earnings of production and nonsupervisory workers on private nonfarm payrolls in April edged up one cent, or 0.1 percent, to $17.88, seasonally adjusted. This followed gains of six cents in February and March. Average weekly earnings fell $1.45, or 0.2 percent, to $602.56. Over the past 12 months, average hourly earnings increased 3.4 percent and average weekly earnings rose 3.1 percent.

Average Weekly Hours
The average workweek for production and nonsupervisory workers on private nonfarm payrolls in April was down 0.1 hour to 33.7 hours, seasonally adjusted. The manufacturing workweek declined 0.3 hour to 40.9 hours.

33.7

Manufacturers' New Orders
New orders for manufactured goods in March -- up following two consecutive monthly decreases -- increased $5.9 billion, or 1.4 percent, to $432.3 billion. The durable goods sector increased $0.3 billion, or 0.1 percent, to $213.7 billion. Machinery had the largest increase of $1.7 billion, or 6.4 percent, to $28.9 billion. The nondurable goods sector increased $5.6 billion, or 2.6 percent, to $218.6 billion.

January
2008

February
2008

March
2008

Manufacturers' Unfilled Orders
Unfilled orders -- up 34 of the last 35 months -- increased $8.9 billion, or 1.1 percent, to $832.3 billion. This was at the highest level since the series was first stated on a NAICS basis in 1992. The durable goods sector increased $8.9 billion, or 1.1 percent, to $832.3 billion. Transportation equipment had the largest increase of $7.7 billion, or 1.6 percent, to $495.1 billion.

January
2008

February
2008

March
2008

1.08

Manufacturers' Inventories
Inventories -- up 13 of the last 14 months -- increased $5.0 billion, or 0.9 percent, to $544.3 billion. This was at the highest level since the series was first stated on a NAICS basis in 1992. The durable goods sector increased $3.1 billion, or 1.0 percent, to $326.6 billion. Transportation equipment had the largest increase of $1.6 billion, or 1.9 percent, to $85.5 billion. The nondurable goods sector increased $1.9 billion, or 0.9 percent, to $217.7 billion. Petroleum and coal products led the increase with a $2.0 billion, or 4.9 percent, increase to $43.6 billion.

January
2008

February
2008

March
2008