And surveys from the Institute for Supply Management show that the manufacturing sector has been contracting for several months, while fewer manufacturers report an increase in backlogs. “We’re only seeing a gradual pullback in hiring for manufacturing, even as new demand slows, because these backlogs are still helping sustain activity,” she said. Manufacturing saw job losses in February for the first time in 21 months, according to the Bureau of Labor Statistics. There were additional manufacturing job losses in the following month. However, while manufacturing layoffs are expected, they are likely to be limited.

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