An Epic Factory Jobs Boom Is on the Way
Robust demand for housing and an uptick in manufacturing increase the chances for the kind of employment recovery we haven’t seen in decades.
This recovery won’t be like recent ones -- it may be even better, as far as factory jobs are concerned.
Photographer: Luke Sharrett/BloombergAhead of Friday's jobs report, evidence has grown to suggest that while total U.S. unemployment remains high, the manufacturing and construction industries may be poised for the kind of V-shaped recovery that we haven't seen in decades. This won't help the job prospects for bartenders in New York or San Francisco, or flight attendants waiting for air travel to return to pre-pandemic levels, but it does raise the possibility that the outlook for jobs may be better in 2021 than currently anticipated.
Slow labor-market recoveries in the recent past have occurred because of prolonged job slumps in goods-producing sectors. This time around, there are signs these areas are rebounding much more quickly, which could help buttress the economy and increase labor demand even while the pandemic health threat is still with us.