Why US manufacturing is poised for a comeback
Farok Contractor says jobs moved abroad are returning as workers buckle down
Some 2.8 million US jobs – 70 per cent of them in manufacturing – have been lost since 2001because of the US trade deficit with China, according to a recent Economic Policy Institute study. Indeed, consumers visiting a Walmart are hard pressed to find much made in America.
It’s true that the share of manufacturing in the US gross domestic product is now only 12- 15 per cent, and the country is predominantly a service economy. But the nation is still the world’s biggest manufacturer, with unrivalled productivity in terms of manufacturing value-added per employee or per hour worked.