The Plastics Industry Association (PLASTICS) has released an official analysis of the March jobs report and its impact on the plastics industry, authored by PLASTICS Chief Economist, Dr. Perc Pineda.
Dr. Pineda writes, “The U.S. labor market outperformed expectations in March, adding 303K nonfarm payrolls, demonstrating resilience despite a high-interest-rate environment. The unemployment rate remained low at 3.8%, with certain sectors reporting even lower rates. For instance, the manufacturing industry saw a 3.0% unemployment rate, while the plastics and rubber products manufacturing sector reported a mere 2.1% unemployment rate. It is worth noting, however, that despite these low unemployment rates, the plastics and rubber products manufacturing sector experienced a decrease in payrolls of 1.1K during the same period.”
Read the full analysis on the PLASTICS blog page.
The Plastics Industry Association (PLASTICS) is the only organization that supports the entire plastics supply chain, including Equipment Suppliers, Material Suppliers, Processors, and Recyclers, representing over one million workers in our $548 billion U.S. industry. PLASTICS advances the priorities of our members who are dedicated to investing in technologies that improve capabilities and advances in recycling and sustainability and providing essential products that allow for the protection and safety of our lives. Since 1937, PLASTICS has been working to make its members, and the seventh largest U.S. manufacturing industry, more globally competitive while supporting circularity through educational initiatives, industry-leading insights and events, convening opportunities and policy advocacy, including the largest plastics trade show in the Americas, NPE2024: The Plastics Show.
