U.S. manufacturing loses 10,000 jobs in May while the overall economy gains only 38,000.
The economy added 38,000 jobs in May and manufacturing lost 10,000 jobs, according to the latest employment data from the Labor Department.
One reason driving these job losses was the goods and services trade deficit, which hit $37.4 billion in April, up $1.9 billion from $35.5 billion in March, according to the Commerce Department. The goods trade deficit with China hit $26.6 billion.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
“Today's job numbers are shocking, but they come as no surprise to America's factory workers. While other sectors have seen forms of recovery, manufacturing has only seen about 40 percent of its pre-recession jobs come back – and this month only brought more job losses.
"In what has become routine for manufacturing, the overall economy didn't see much growth either. With only 38,000 overall jobs gained last month, it is clear why America’s middle-class continues to grapple with unemployment and low-paying career substitutes amid a surging trade deficit.
"The bottom line is that America's workers are struggling and monetary policy adjustments can only go so far to help the goods-producing sector.
"It’s way past time for Congress to step up to the plate and deliver an investment-driven agenda, and for the President to reprioritize his trade agenda to focus on reducing subsidized imports from China and other countries.”
The #AAMeter, which tracks President Obama's goal to create 1 million new manufacturing jobs, now sits at +325,000 jobs. That means there would need to be over 84,000 new manufacturing jobs created each month for Obama to hit his goal.