The U.S. Bureau of Labor Statistics reported a net loss of 4,000 jobs nationally for the month of August 2007. Employment gains for the months of July and June also were lowered by a combined 81,000 jobs. 215,000 U.S. manufacturing jobs have been lost in the last twelve months, including 46,000 in August alone.
Since January 2001, the United States has lost more than 3.05 million manufacturing jobs and has run a cumulative trade deficit in excess of $4 trillion. U.S. trade deficit is on track to hit approximately $725 billion in 2007, with imports from China accounting for an estimated $270 billion of the red ink.
“The failure to regain high-wage manufacturing jobs lost to imports is exacerbating the job creation and credit problem,” said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.
“Had the U.S. manufacturing sector not been so badly battered by job-destroying imports, it would have been able to pick up the part of the slack from the credit crunch,” Tantillo continued.
“It is imperative for Congress to level the playing field for U.S. manufacturers. Expeditiously passing legislation that would address the massive disadvantage to U.S. producers caused by foreign value-added (VAT) taxes and manipulated currencies would be far more productive instead of trying to move flawed patent legislation and deficit-hiking free trade agreements,” Tantillo added.
marketing@alchempro.com
