U.S. Outlook: Another leg down for manufacturing
It was another week of disappointing readings on the state of U.S. manufacturing.
For more analysis of this and what’s happening in the broader economy, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on Jan. 29.Key observations:
- U.S. manufacturers account for 8.6% of total employment in the United States.
- Every U.S. recession since the 1970s has either been preceded by or happened currently with a recession in manufacturing.
- Following strong job growth of 215,000 jobs in 2014, the manufacturing sector added only 30,000 jobs in 2015.
- So far the U.S. consumer is still holding up well, supporting nearly 70% of the nation’s GDP.