'Sustainable' expansion on track, NAM says

With the Labor Department reporting that the economy created a much higher than expected 274,000 new non-farm payroll jobs in April while the unemployment rate held steady at 5.2%, National Association of Manufacturers Chief Economist David Huether observed that, "Many service sectors and construction led the way, and this suggests that a broad and sustainable economic expansion remains on track.

06/01/2005


With the Labor Department reporting that the economy created a much higher than expected 274,000 new non-farm payroll jobs in April while the unemployment rate held steady at 5.2%, National Association of Manufacturers Chief Economist David Huether observed that, "Many service sectors and construction led the way, and this suggests that a broad and sustainable economic expansion remains on track.

"Our economy has now created 2.2 million new jobs in the past 12 months, and 3.5 million since June 2003," he said. "The frustrating news is that manufacturing, with its economy-leading productivity growth, actually lost 6,000 jobs.

"Manufacturing sectors shedding jobs are those still facing stiff import competition, particularly from Asia where currency manipulations keep many countries' currencies low against the dollar. This is why the NAM considers it critical for the Administration to continue pressing various trading partners to remove their currency controls," Huether noted.

"On a brighter note, high productivity throughout the non-farm economy is keeping inflation in check, and that bodes well for the long run. But policymakers can't be complacent and stay on the sidelines," warned Huether.

"Our manufacturing sector is being buffeted by extremely high energy costs as Congress continues to dither with partisan politics instead of passing a desperately needed energy bill. Investment and growth could also be bolstered by passage of asbestos and highway bills, and formulation of a 21st century telecommunications policy, too, to name just a few," he concluded.





No comments
The Top Plant program honors outstanding manufacturing facilities in North America. View the 2015 Top Plant.
The Product of the Year program recognizes products newly released in the manufacturing industries.
The Engineering Leaders Under 40 program identifies and gives recognition to young engineers who...
IIoT grows up; Six ways to lower IIoT costs; Six mobile safety strategies; 2017 Salary Survey
2016 Top Plant; 2016 Best Practices on manufacturing progress, efficiency, safety
2016 Product of the Year; Diagnose bearing failures; Asset performance management; Testing dust collector performance measures
Future of oil and gas projects; Reservoir models; The importance of SCADA to oil and gas
Big Data and bigger solutions; Tablet technologies; SCADA developments
SCADA at the junction, Managing risk through maintenance, Moving at the speed of data
What controller fits your application; Permanent magnet motors; Chemical manufacturer tames alarm management; Taking steps in a new direction
Tying a microgrid to the smart grid; Paralleling generator systems; Previewing NEC 2017 changes
Package boilers; Natural gas infrared heating; Thermal treasure; Standby generation; Natural gas supports green efforts

Annual Salary Survey

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

Maintenance and reliability tips and best practices from the maintenance and reliability coaches at Allied Reliability Group.
The One Voice for Manufacturing blog reports on federal public policy issues impacting the manufacturing sector. One Voice is a joint effort by the National Tooling and Machining...
The Society for Maintenance and Reliability Professionals an organization devoted...
Join this ongoing discussion of machine guarding topics, including solutions assessments, regulatory compliance, gap analysis...
IMS Research, recently acquired by IHS Inc., is a leading independent supplier of market research and consultancy to the global electronics industry.
Maintenance is not optional in manufacturing. It’s a profit center, driving productivity and uptime while reducing overall repair costs.
The Lachance on CMMS blog is about current maintenance topics. Blogger Paul Lachance is president and chief technology officer for Smartware Group.
Motion control advances and solutions can help with machine control, automated control on assembly lines, integration of robotics and automation, and machine safety.
This article collection contains several articles on the vital role of plant safety and offers advice on best practices.
This article collection contains several articles on preventing compressed air leaks and centrifugal air compressor basics and best practices for the "fifth utility" in manufacturing plants.
Maintenance Manager; California Oils Corp.
Associate, Electrical Engineering; Wood Harbinger
Control Systems Engineer; Robert Bosch Corp.
click me