Chad Moutray, chief economist for the National Association of Manufacturers, this week provided the following manufacturing-specific updates based on recent federal data:

• Nationwide, there were 525,000 manufacturing job openings in October, up from 492,000 in September (and a new record high).
• October job postings for durable goods were up from 267,000 to 290,000, while postings for non-durable goods were up from 225,000 to 235,000 (an all-time high).
• Manufacturing quits decreased from 235,000 in September, the most since March 2001, to 220,000 in October — but they remained elevated. (Higher quits are “a sign the market is strengthening,” Moutray said.)
• U.S. manufacturing labor productivity jumped nearly 20% the annual rate in the third quarter, the largest quarterly increase on record since the data series began in 1987.

Moutray said: “Manufacturers are clearly ramping back up, rebounding from springtime weaknesses.” For more economic updates, see Moutray’s Dec. 7 report. 12/9/2020