Large job losses continued in manufacturing, where employment declined by 94,000 in February, following a similar loss (as revised) in January.
With the exception of motor vehicles, where some workers returned from temporary layoffs, employment declines in manufacturing were widespread in February. The diffusion index of employment change in manufacturing was 28.1. (An index under 50 indicates that employment is contracting in more industries than it is expanding in.)
Total nonfarm payroll employment increased by 135,000, in February. The job losses in manufacturing were offset by gains in services and most other major industry divisions.
These data are from the Current Employment Statistics program. The total private diffusion index is calculated from 356 industry employment series covering the entire private sector. The manufacturing diffusion index is based on 139 industries. To derive the indexes, each component industry is assigned a value of 0, 50, or 100, depending on whether its employment decreased, was unchanged, or increased. The average value is the diffusion index. For more information on labor market developments, see news release USDL 01-57, The Employment Situation: February 2001.
Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Job losses continue in manufacturing at https://www.bls.gov/opub/ted/2001/mar/wk2/art01.htm (visited December 01, 2022).