Dock Workers Return, Factory Demand Holds Flat, and Furniture Jobs Slip

Originally published October 4, 2024. This version was rebuilt from the ILA-USMX joint statement, NRF's reaction, the ISM manufacturing report and the BLS jobs report for the FIN archive, and the facts are as of that date.

The first week of October 2024 opened with ports shut from Maine to Texas and ended with dockworkers back at work. Factory data showed furniture makers treading water.

The short version

• The ILA and USMX reached a tentative agreement on wages and extended the contract to January 15, 2025.
• ISM listed Furniture & Related Products among five industries reporting growth in September.
• BLS said furniture and related product manufacturing employment was 338.1 thousand in September.

Dock workers' strike suspended

On October 3 the International Longshoremen's Association and the United States Maritime Alliance said they had reached a tentative agreement on wages and agreed to extend the Master Contract until January 15, 2025. All job actions ended and covered work resumed right away.

NRF's chief executive called the decision to end the strike good news for the nation's economy and urged both sides to reach a final deal before the extension expired. NRF had led a coalition of nearly 300 trade groups asking the White House to help end the walkout.

Correction. The original edition described a six-year agreement. On October 3 the parties had agreed only on wages and an extension. A full six-year tentative contract came on January 8, 2025.

Factory demand holds flat

ISM's Manufacturing PMI registered 47.2% in September, matching August, as manufacturing contracted for a sixth straight month. Furniture & Related Products was one of five industries reporting growth.

A furniture respondent told ISM that sales continue to be flat. Other manufacturers said they were waiting for lower interest rates and the election outcome before setting 2025 plans.

Furniture jobs slip

The September jobs report showed furniture and related product manufacturing employment of 338.1 thousand, down 1.6 thousand from August and down from 354.0 thousand a year earlier, seasonally adjusted.

Total nonfarm payrolls rose by 254,000, so furniture factories were shrinking while the wider job market stayed strong.

What this means

The port reopening removed the immediate supply threat, but only until mid-January. Furniture makers entered the fall with flat sales and fewer workers, waiting for rates and housing to turn.

Related on FIN

• The Freight Mafia's New Playbook
• Furniture Orders Rose 9%. Factories Still Aren't Hiring for It.

Sources

• International Longshoremen's Association, Joint statement regarding Master Contract (Oct. 3, 2024)
• National Retail Federation, NRF reacts to port strike suspension (Oct. 3, 2024)
• International Longshoremen's Association, ILA and USMX tentative agreement (Jan. 8, 2025)
• Institute for Supply Management, September 2024 Manufacturing ISM Report On Business
• U.S. Bureau of Labor Statistics, Employment Situation, September 2024