According to the Bureau of Labor Statistics, U.S. manufacturers had 693,000 job openings in March 2023. This is a drop of 10,000 from the previous month.
So is this good news or bad news?
Manufacturing slowdown
With 200,000 fewer job openings than the same time last year, this could be bad news. Reuters reports that manufacturing is seeing a slowdown that “casts a shadow over the economy.” The Institute for Supply Management PMI report fell below 50 for the first time since 2009, 50 being the threshold for growth.
Orders and production didn’t fall across the board in manufacturing. There was a mixed bag, with drops in some manufacturing sectors balanced by rises in others.
Respite from labor shortage
On eat either hand, manufacturing has been in a panic-inducing state of labor shortage for years now. A slowdown in demand for workers could be good news. 693,000 job openings isn’t a sign of unemployment, but it might be tightening up enough to help manufacturers cope with the lack of workers.
Maybe not. The U.S. Chamber of Commerce reports that, when it comes to manufacturing, “Even if every unemployed person with experience in the durable goods manufacturing industry were employed, the industry would fill 44% of the vacant jobs.”
The skills gap continues to be an issue, especially as so many older workers went ahead and retired in response to the COVID-19 pandemic.
Robots to the rescue?
Increasing automation is one solution. If you’re using Rexroth motion control in your facility, it’s essential that you keep your machinery in good trim, especially in these times of uncertainty. We can help with factory repair and reman of your legacy components.
Factory repair brings your Rexroth electric industrial drive and control components back to you in like-new condition, with a fresh warranty. In fact, since wearing parts are replaced with the most current Rexroth parts, your machinery may come back to you in even better than new condition, with upgrades. Contact us today for assistance.