New handbook details manufacturing’s current strengths and challenges
The manufacturing sector %%MDASSML%% more than any other %%MDASSML%% is driving the current U.S. economic recovery but faces unprecedented challenges, according to “The Facts About Modern Manufacturing,”released Wednesday by the National Association of Manufacturers and The Manufacturing Institute.
“Manufacturing output in America is at the highest level in U.S. history and continues to support our economy,” said NAM president John Engler.ation retires.”
“Some mistakenly believe manufacturing in the United States is in decline because of the continuing evolution of global sourcing and competition.
“The‘Facts’ book sets the record straight about manufacturing’s central role in the U.S. economy,” Engler added.
“The‘Facts’ book documents how manufacturing drives economic growth, productivity and innovation in America,” said Jerry Jasinowski, president of The Manufacturing Institute, the research and education arm of the NAM.
The handbook highlights six manufacturing pillars that support today’s U.S. economy:
%%POINT%% Manufactured goods make up more than 60 % of U.S. exports, helping to pay for U.S. imports.
%%POINT%% Manufacturing has a greater multiplier affect on the rest of the economy than does any other sector. Each manufacturing dollar generates an additional $1.37 in economic activity.
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Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey