Unfairly subsidized foreign imports cause jobloss for Americans
04 Nov '06
3 min read
The U.S. Bureau of Labor Statistics reported that U.S. manufacturers shed 39,000 jobs in October. Less than 14.2 million Americans now work in manufacturing – a loss of 2,924,000 U.S. manufacturing jobs since January 2001.
“October's loss of manufacturing jobs is not surprising. Employers have no choice to lay off workers when they are losing market share to unfairly subsidized foreign imports,” said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.
Even with its rapid rate of productivity growth, had U.S. domestic manufacturing production merely kept up with the growth in demand for those products, AMTAC estimates that 4.7 million new U.S. manufacturing jobs would have been created between 1993 and 2005.
Instead, because imports displaced so much production growth over that timeframe, manufacturing firms actually eliminated 2.6 million highly productive, high-wage jobs according to analysis conducted by Dr. Charles W. McMillion, President & Chief Economist of MBG Information Services.
This means that the worsening U.S. foreign trade deficit caused by a flood of imports has cost the United States 7.3 million manufacturing jobs since 1993!
While U.S. demand for Durable Goods and Non-Durable Goods has exploded by 134.5 and 46.9 percent respectively since 1993, U.S. production failed to keep pace.
U.S. production of Durable Goods grew by 68.2 percent and Non-Durable Goods grew byjust 18.2 percent during the timeframe mentioned above.
marketing@alchempro.com
