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Manufacturing thrived in 2022, despite the Federal Reserve’s combative monetary policies. Demand for workers soared and employers added an average of 32,000 new net jobs per month. Whether by official job openings, or by Indeed daily job postings, demand for manufacturing workers in 2022 was nearly double demand in 2020 – outpacing even the service industries in which consumer demand has soared. So, how did manufacturing withstand the interest rate hikes?
Goods Demand High
Interest rates, in theory, should reduce consumer demand for goods, especially costly investments in durable goods. However, the consumer remained
