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The Status of American Manufacturing
Manufacturing has been a leader in the economic recovery as demand from abroad strengthened and manufacturers picked up production and spending to meet demand after a record drawdown in inventories in 2009.
Current Status of American Manufacturing
- Factories added 101,000 workers to payrolls in the first four months of the year
- The Institute of Supply Management’s (ISM) employment gauge climbed to 59.8, the highest level since May 2004.
- ISM’s measure of exports increased to 62, the highest since December 1988.
- Nondefense new orders for capital goods in April increased $5.5 billion or 9.2 percent to $66.1 billion.
Trends in American Manufacturing
- Manufacturing's share of the US economy has dropped to 12 % of GDP from the high of 28.3 percent in 1953, after WW II.
- Manufacturing employment has fallen to 9.25% of US Employment from 26.5% in 1969.
- From 2000 to 2008, the U.S. share of global output fell from 31 % to 27 %.
- Commercial shipbuilding and consumer electronics industries have largely disappeared since the 1980s, while U.S. steelmakers now account for only 7 % of global output (compared to 38 % for Chinese steelmakers).
- The migration of manufacturing overseas is not confined to traditional metal-bending activities: the pharmaceutical industry is now incapable of manufacturing antibiotics such as penicillin without supplies from China.
Issues Facing the Future of American Manufacturing
- The European debt crisis creates a stronger dollar and the potential for slower demand from Europe potentially slowing U.S. exports.
- America’s annual trade deficit has increased from $380 billion at the beginning of the decade to well over $700 billion today.
- China’s growth rate averaged about 10 percent annually throughout the decade partially due to Chinese currency manipulation keeping cost of their goods artificially low.
Ben Moore
Agent Technologies, Inc.
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Manufacturing Statistics
1) Industrial production increased 0.8 % in April 2010. Manufacturing output climbed 1.0 % in April for a second consecutive month and was 6.0 % above its year-earlier level. Source: Federal Reserve Board
2) Total nonfarm payroll employment grew by 431,000 in May including 411,000 temporary Census Workers. However, Manufacturing did add jobs in May 2010. Source: Bureau of Labor Statistics
3) Manufacturing Trade Deficit increased to $40.3 billion in April on exports of $148.8 billion and imports of $189.1 billion. Sources: Census Bureau, Bureau of Economic Analysis
4) New orders for manufactured durable goods in April increased $5.6 billion or 2.9 percent to $193.9 billion. Fourth increase in the last five months. Source:Census Bureau
5) Inventories of manufactured durable goods in April increased $1.9 billion or 0.7 percent to $301.4 billion. Source: Census Bureau
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