Manufacturing Job Losses in November: AAM Statement
The Department of Labor reported this morning that America's manufacturing sector lost 1,000 jobs in November, as manufacturing hiring continues to flatline.
The #AAMeter, which tracks President Obama's promise to create 1 million new manufacturing jobs in his second term, now sits at +371,000 jobs, due to upward revisions in September and October.
Meanwhile, new trade figures show soaring imports continue to hurt American manufacturing, as the deficit in goods and services with China hit $32.97 billion in October.
The deficit with China is set to shatter last year's total. It now sits at $306 billion, compared to $285 billion at the same point in 2014.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
"Manufacturing again lost jobs in November. It's the latest evidence that manufacturing in America is at or near a state of recession. While much of the service sector is growing albeit with low wages, our goods-producing economy is struggling under the yoke of global weakness and China's massive industrial overcapacity.
Our trade deficit remains untenably high, particularly with China. In fact, the trade deficit with China is on pass to surpass last year's all-time record, and that's not good news for America's factory workers.
With the Federal Reserve poised to raise the rate this month, it's worth noting that such an action could hold back manufacturing growth. Our factories are still one of the most reliable creators of middle-class jobs, but trade and exchange rate policies are holding back their true potential."