We’ve heard for years that the American economy has been picking up, but substantiated evidence is always more believable than word of mouth. The Bureau of Labor Statistics has noted a concrete rise in manufacturing employment over the past few months. As demand rises once more, the unemployment rate for the industry—at just 5.3 percent—is now as its lowest since the spring of 2008.
However, even with the 6,167 jobs added in the first half of the year, employment hasn’t been rebounding as quickly as some industry professionals predicted. But the beginning of summer has shown more promise than the spring.
The industries with the largest strides in employment include:
- Durable and nondurable goods
- Food manufacturing
- Electrical equipment and appliances
- Motor vehicles and parts
The industries that faced notable declining employment include:
- Fabricated metal products
- Paper and paper products
- Computer and electronic products
- Printing and support activities
Whether your manufacturing business is large or small, it’s important to have the right protections in place. Manufacturing insurance policies can be written to cover your unique risk factors. Some of the most common coverage options include property, liability, workers comp, commercial auto, product recall, business interruption and international coverage. Your independent insurance agent can help determine the right options for your business.
During times of growth, it’s essential to line up the appropriate protections that are flexible enough to expand as your business does. Call your agent today to see how you can best protect your business’ best interests.
Get the coverage you need. Call Iten Agency at 954-680-0360 for more information on manufacturing insurance.