manufacturing sector It continued layoffs in October, bringing the number of job losses in the past three months to 78,000.

The Department of Labor’s Bureau of Labor Statistics released its report Friday. business report For October, the agency’s preliminary analysis found that the manufacturing sector lost 46,000 jobs last month.

This follows a loss of 6,000 jobs in September, which was also a preliminary figure, and a loss of 26,000 jobs in August.

Manufacturing sector job losses in September included a decline of 44,000 jobs due to a strike in the transportation equipment manufacturing industry. This can be attributed in part to an ongoing strike by approximately 33,000 unionized machinists at Boeing.

US ECONOMY ADDED 12,000 JOBS IN OCTOBER, WAY BELOW ECONOMISTS’ EXPECTATIONS

The manufacturing sector has experienced a decline in hiring in recent months. (Photographer: Emily Elconin/Bloomberg via Getty Images / Getty Images)

The International Association of Machinists and Aviation Workers (IAM) began its strike on September 13, having previously rejected Boeing’s new contract offers amid the stalemate; However, the company submitted a new offer to the union for consideration late Thursday.

Boeing strike At the same time, the aviation giant’s supply chain has also experienced fluctuations, causing some of its suppliers such as Spirit Aero to temporarily furlough workers, while workforce disruption has impacted operations.

MANUFACTURERS TALK ABOUT WHAT IS NECESSARY TO DEVELOP US IN 2024

Although Boeing machinists have been on strike since mid-September, the company submitted a new and improved contract offer to the union on Thursday. (M. Scott Brauer/Bloomberg via Getty Images / Getty Images)

A smaller strike by 5,000 IAM machinists aviation and space Contractor Textron also lowered its manufacturing sector employment figures. The Textron strike began on September 23 and ended on October 21; This means that the manufacturing sector also puts pressure on employment figures.

The manufacturing sector struggled to create jobs last year, falling by 85,000 jobs, or 0.7%, in the last six months and by 50,000 jobs, or 0.4%, in the last 12 months.

The sector’s best employment creation month in the last 12 months was November 2023, with an increase of 25,000 jobs. This was followed by a 12,000 job gain the following month in December.

The last monthly employment increase in the manufacturing sector in 2024 was in July, with an increase of 6,000 jobs. This year’s biggest monthly gain occurred in April, when 7,000 jobs were added.

BIDEN ADMINISTRATOR’S LNG EXPORT BAN PUT NEARLY 1 MILLION JOBS AT RISK: STUDY

The National Association of Manufacturers (NAM) has called on the next administration and Congress to reinstate tax incentives for manufacturers. capital investments expanding or improving facilities and equipment and easing regulations that would be costly to implement.

NAM also called on MPs to provide certainty to the industry by preventing a “tax apocalypse” expected to occur next year due to some provisions in the 2017 tax code, known as the tax bill. Tax Cuts and Jobs Act is about to end.

TAKE FOX BUSINESS IN ACTION BY CLICKING HERE

“There’s a lot of talk right now from both sides of the aisle about the possibility of increasing taxes on manufacturers and businesses,” NAM CEO Jay Timmons told FOX Business this summer. he said. “This isn’t going to help us. You know, this isn’t going to help us grow. This isn’t going to help our economy grow. And it certainly isn’t going to help our leadership.”

FOX Business’s Edward Lawrence contributed to this report.