Wednesday, September 09, 2009
The National Association of Manufacturers (NAM) recently released its Labor Day 2009: The Manufacturing Report. The report confirms signs of improving conditions in the manufacturing sector over the past few months but warns the economy is still fragile.
The report looks at the economic decline in 2008-2009, the signs of stabilization emerging, and the outlook for employment, manufacturing and the economy. It projects an upturn in manufacturing production gradually over the next year with more significant growth in the 2011-2014 period.
The report also projects that by 2014, the manufacturing sector will regain more than 40 percent of the jobs lost during the current downturn. According to the report, "an upturn in manufacturing production is expected to gradually build over the next year and transition to stronger growth in the 2011-2014 period, over which time 913,000 manufacturing jobs are expected to be created." The report notes that prospects for good jobs, a strong manufacturing sector and a growing economy depend on U.S. global competitiveness.
“There are grounds for optimism, but there is even greater reason for caution,” said NAM President John Engler. “A recovery could stall out or even shift into reverse if Congress and the Administration enact policies that increase the burden on businesses and make us less competitive in the global economy.
Download NAM’s Report The Turning Tide: Prospects for a Manufacturing Recovery — Labor Day 2009: The Manufacturing Report.
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