Factory orders take a tumble in August; drop 3.3%
Steep drop worse than expected as auto, appliance orders fall; jobs show some rebound
The Commerce Department reported that August orders to factories fell 3.3%, which was the sharpest decline since January and worse than the 2.8% drop economists expected. The reported noted a slowdown in aircraft orders, but losses were also seen in automobiles, appliances and industrial machinery.
The news was a little better on the jobs front . While unemployment climbed to its highest level since August 2006 at 4.7%, there was a net gain of 110,000 jobs in September, according to the Labor Department. Revised payroll number from July and August meant a net gain of almost 250,000 jobs. One of the more interesting changes came from the August numbers. When they were first reported, they showed a loss of 4,000 jobs, which sent the stock market and economists into a frenzy. Now the revised report shows a gain of 89,000 jobs for the month. The change was credited to a net increase of 59,000 givernment jobs, up from a reported loss of 28,000 jobs.
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey