U.S. Outlook: Another leg down for manufacturing

Posted By Scott Anderson In Economic Outlook | 1 Comment

It was another week of disappointing readings on the state of U.S. manufacturing.

graph shwing downward trend in manufacturing [1]From regional manufacturing surveys to durable good orders, the near-term outlook for U.S. manufacturing remains moribund.

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.
Click here to read my full report. [2]

Article printed from Bank of the West: https://changematters.bankofthewest.com

URL to article: https://changematters.bankofthewest.com/2016/01/29/u-s-outlook-another-leg-down-for-manufacturing/

URLs in this post:

[1] Image: http://blog.bankofthewest.com/wp-content/uploads/2016/01/graph_manufacturing_012916.jpg

[2] Click here to read my full report.: http://blog.bankofthewest.com/wp-content/uploads/2016/01/BankoftheWest_USOutlook_01_29_16.pdf

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