The idea that American manufacturing is on the cusp of a renaissance is everywhere these days—except in the hard numbers. It’s true that industrial production has grown twice as fast as the economy as a whole in this recovery, and manufacturers are adding jobs again. But economists see those gains as too small relative to what was lost in previous years to suggest a full-blown revival… “There’s simply no statistical evidence of a broader renaissance at this point,” says Daniel Meckstroth, chief economist with the Manufacturers Alliance for Productivity and Innovation, an Arlington, Va., group that represents mostly large U.S. producers.
The WSJ's Timothy Aeppel examines whether or not the return of US manufacturing is a real phenomenon. He largely concludes not.
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