The Factory Boom That Isn't Hiring: ISM Hits 55.6 — a Four-Year High — and Payrolls Added Just 5,000 Manufacturing Jobs
Four days separated the strongest U.S. factory survey since May 2022 from a jobs report in which the entire economy shed 23,000 positions. Both readings are accurate. The reconciliation is in the workweek: at 41.7 hours versus 41.1 a year ago, factories absorbed roughly 184,000 workers' worth of additional labor input without hiring 184,000 workers.