Currency Manipulation's Impact On Manufacturing

By Robert E. Scott, Helene Jorgensen and Doug Hall

Manufacturing has played a leading role in the nation’s economic recovery, adding 504,000 jobs between February 2010, when manufacturing employment fell to its lowest point, and October 2012. These 504,000 jobs constituted 11.1 percent of the 4.5 million jobs created in that period. However, this relatively recent manufacturing boom comes on the heels of more than a decade of sharp declines in manufacturing employment. Between March 1998 and October 2012, the United States lost 5.7 million manufacturing jobs, nearly a third (32 percent) of manufacturing employment; most of these job losses were due to the growing U.S. trade deficit. Taken together, these trends highlight the manufacturing sector’s importance to the U.S. economy and recovery, as well as the role of trade deficits in eliminating U.S. manufacturing jobs.

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