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Rise in Manufacturing Employee Earnings Expected to Slow

Manufacturing employee earnings should continue to rise through 2023, but the rate at which those earnings climb may slow.

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PMMI Business Intelligence: 2023 Economic Report: Guidance in an Uncertain Economy - Gauging the Risks Going Forward 2023-2024

Manufacturing hourly earnings are expected to disinflate through 2023.Manufacturing hourly earnings are expected to disinflate through 2023.PMMI Business Intelligence: 2023 Economic Report: Guidance in an Uncertain Economy - Gauging the Risks Going Forward 2023-2024The gears of the manufacturing labor market are grinding to an even slower pace in 2023, according to PMMI Business Intelligence’s 2023 report “Guidance in an Uncertain Economy: Gauging the Risks Going Forward 2023-2024.”

The rate of change in manufacturing hourly earnings remains high at 4.1%. It is taking a downward turn in 2023, though, which signifies a disinflation mode, the report says, citing research from ITR Economics.

Historically, 4.1% is a high rate, and the current average earnings of $31.3 per hour will keep climbing.  The disinflation in the rate of change will affect the speed at which those earnings climb.

State of Employment: Manufacturing and Overall

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Annual Outlook Report: Workforce
Hiring remains a major challenge in packaging, with 78% struggling to fill unskilled roles and 84% lacking experienced workers. As automation grows, companies must rethink hiring and training. Download the full report for key insights.
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Annual Outlook Report: Workforce