Philadelphia jobs in manufacturing are suffering due, in part, to the housing market troubles. July will be 8th consecutive month that both orders and the number of employees in the industry have shrunk.
With the housing market recession in its third year, the demand for building equipment and materials is significantly lower. This has drastically hurt consumer spending. Many in the industry believe that demands will continue to lessen over the next few months, which indicates that factories won't be rebounding anytime soon.
"We're going to continue to see declines in manufacturing output," said Kevin Logan, senior market economist at New York's Dresdner Kleinwort, in an interview with Bloomberg Television. "As manufacturers see the final demand for their products go down and inventories go up, they have to slow production and that means less employment."
One report stated that builders began work on the fewest single-family homes in the last 17 years this June. This means that the housing market crisis is likely worsening, which will result in even more problems for manufacturers and
Philadelphia employment.
According to the Labor Department, first-time jobless benefit claimants recently rose, which reflects job market that is softening, according to
Bloomberg.com.
Those looking for manufacturing
jobs in Philadelphia should consider looking into companies that produce goods that are not related to the housing industry or automotives.
Manufacturers dealing with car parts are experiencing something similar to that of those associated with home improvements and building materials. With gas prices rising, fewer Americans are purchasing new vehicles and therefore employment in this area is not what it could be.
Labels: Philadelphia Jobs
