Following the release of the Economic and Statistics Administration’s “The Benefits of Manufacturing Jobs” report, Chief Economist Mark Doms and Gardner Carrick, Vice President of Strategic Initiatives at The Manufacturing Institute, will be holding a 30-minute Twitter chat responding to your questions about the report and the state of American manufacturing on Friday, May 11th at 1:00pm ET.
Manufacturing jobs provide benefits to workers with higher overall compensation than other sectors, and to the economy through innovation that boosts our nation’s standard of living. Specifically, this report shows that:
- On average, hourly wages and salaries for manufacturing jobs are $29.75 an hour compared to $27.47 an hour for non-manufacturing jobs. Total hourly compensation, which includes employer-provided benefits, is $38.27 for workers in manufacturing jobs and $32.84 for workers in non-manufacturing jobs, a 17 percent premium.
- Even after controlling for demographic, geographic, and job characteristics, manufacturing jobs maintained significant wage and benefit premiums.
- The educational attainment of the manufacturing workforce is rising steadily. In 2011, 53 percent of all manufacturing workers had at least some college education, up from 43 percent in 1994.
- The innovative manufacturing sector relies more heavily on STEM education than non-manufacturing. For instance, nearly 1 out of 3 (32 percent) college-educated manufacturing workers has a STEM job, compared to 10 percent in non-manufacturing.
- Higher educational attainment for manufacturing workers carries higher premiums and the size of the premium, including or excluding benefits, increases consistently with educational attainment.
- Furthermore, the compensation premium has risen over the past decade across all levels of educational attainment.
Here's how you can participate:
- Starting now, ask questions for Mark and Gardner on Twitter using the hashtag #mfgChat or at our Facebook page or in the comments here.
- On Friday, May 11th, at 1:00p.m. EST begin following @EconChiefGov @TheMFGInstitute and #mfgChat to follow the conversation.
- Check back on Commerce.gov later on Friday to see a summary of the conversation once it is completed at 1:30
Be sure to follow @EconChiefGov on Twitter for the latest key economic indicators.