Washington, D.C. – Manufacturing lost 4,000 jobs in February, according to data released by the Bureau of Labor Statistics on Friday.
Alliance for American Manufacturing President Scott Paul said:
“While other manufacturing indicators have shown signs of weakness for a few months, this is the first real signal from the jobs market confirming that sentiment. Higher interest rates hit sectors of our economy a bit differently, and manufacturing now seems to be bearing the brunt of the Federal Reserve’s policies.
“The Federal Reserve must understand its interest rate hikes are putting the brakes on all the momentum we’ve gathered in manufacturing. We’d be wise to change course. That said, I remain optimistic about the manufacturing jobs market looking ahead, with new investments set to take root in the coming months.”
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