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Manufacturing payroll increased $5 billion in January

Tuesday, March 2, 2010

The first month of the year saw a $5 billion increase in manufacturing payroll.
The first month of the year saw a $5 billion increase in manufacturing payroll.

A recent report shows that manufacturing incomes increased during the first month of the year, which should come as good news to those who produce agricultural equipment.

According to the Bureau of Economic Analysis, payrolls in the manufacturing industry went up $5 billion in January. That compares to a $1.5 billion drop the industry saw in payroll during December of last year.

Manufacturing was not the only area to see improvements. The BEA reported that payroll for the goods-producing sector went up $5.2 billion, whereas it saw a $3.2 billion drop in December. Payroll in the service market also increased, going up $10.8 billion. The month before service payroll was up $5.5 billion.

Overall wage and salary payouts went up $16.1 billion, a marked increased from the $2.3 billion rise in December. Gross income went up 0.1 percent, though net income dropped 0.4 percent.

Despite a drop in disposable income, consumer spending increased 0.5 percent during January, whereas December saw it rise 0.3 percent.

Consumer spending is considered to be the key factor in the country getting out of a recession. However, concerns about unemployment may be causing some consumers to limit their spending.

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