The U.S. foreign trade deficit was $64.3 billion in September, the U.S. government reported. At its current pace, the foreign trade deficit is expected to worsen from $717 billion in 2005 to a record $782 billion in 2006.
U.S. manufacturers shed 39,000 jobs in October according to the U.S. Bureau of Labor Statistics. Only 14,181,000 Americans now work in manufacturing – a loss of 2,924,000 jobs since January 2001.
U.S. demand for Durable Goods and Non-Durable Goods has exploded by 134.5 and 46.9 percent respectively since 1993, but subsidized imports have prevented U.S. production from keeping pace.
U.S. production of Durable Goods only grew by 68.2 percent and Non-Durable Goods grew by just 18.2 percent during the timeframe mentioned above.
As a result, U.S. domestic manufacturing only captured 50.7 percent of growth in demand for Durable Goods and a paltry 38.8 percent of growth in demand for Non-Durable Goods since 1993.
American Manufacturing Trade Action Coalition
marketing@alchempro.com
