|Made in America|
|Friday, 20 April 2012 10:40|
New manufacturing jobs are silver lining in March's national job report
The recently released March national unemployment report showed that only 120,000 new jobs were created, faltering way below predictions of 200,000 jobs. There is a silver lining however for the American economy, despite the disappointment. The report also revealed job growth in the manufacturing sector – a move that may prove to fuel America's resurgence.
Manufacturing employment rose by 37,000 in March, with 12,000 jobs gained in motor vehicles and parts, 7,000 in machinery, 5,000 in fabricated metals and 3,000 in paper manufacturing. In all, factory employment has risen by 470,000 nationally since its lowest point in January 2010.
Any growth in manufacturing jobs is a positive sign for the U.S. economy. Manufacturing jobs not only directly engage their employees, but also help boost ancillary businesses that develop around factories.
Even before the "Great Recession," U.S. manufacturing lagged behind Germany and China. Several products formally manufactured in the U.S. are now made off-shore or by foreign manufactures. It is little surprise then that job losses in manufacturing were massive as the recession progressed. The decline also wounded service-related jobs like accountants, attorneys, bankers, product researchers, designers, maintenance personnel and transportation workers.
Other reports however support March's optimism in American manufacturing. A recent report by the Boston Consulting Group said the U.S. is entering a "manufacturing renaissance" that will create 2 to 3 million new jobs.
"Approximately 600,000 to 1 million jobs will come directly through manufacturing work while the rest will come through supporting services, such as construction, transportation and retail," stated the report.
The government has showed keen interest in developing a national industrial policy to sustain the momentum. This includes launching incentives to train more people for manufacturing jobs and using trade agreements with other countries to boost the local industry.
Besides employment, manufacturing can also save the American economy by reducing foreign imports, which strengthens the U.S. dollar. The ability to supply the nation's needs through a strong domestic manufacturing sector is key to protecting the U.S. economy from international economic disruptions that could spark another recession.
For the sake of America's economy, the private sector must pursue its focus on manufacturing. In Florida, where the economy has been dependent on leisure, healthcare, construction and retail industries, it is essential that state officials offer incentives for manufacturers to come to the state. With the state's convenient network of air and sea ports, highways and a corporate-favorable tax policy, there is no reason why Florida cannot be developed into a vital manufacturing hotspot.
Employment in manufacturing historically has been a vital source of economic transformation, ever since Henry Ford revolutionized American production. And America still has every reason to made history repeats itself.
|Last Updated on Tuesday, 24 April 2012 09:14|