The latest employment data hasn’t been fantastic (we’ve had two straight months of disappointing Non-Farm Payrolls reports), but there are some bright pockets.
In particular, the manufacturing renaissance appears to be on!
Check out this chart from the latest JOLTS (Job Openings labour Turnover Survey) report.
This represents the number of job openings as a percentage of total manufacturing jobs out there. We’ve just hit an all-time new high at 2.7%, with a huge surge in recent months.
Even just looking at ISM data, you can see that the manufacturing one (red line) is rising, while the services one (blue line) is declining.
As we’ve been talking about a lot lately, the one area where people are bullish on America is in the hard economy: Energy, manufacturing, commodities, etc.
This latest data vindicates this view.