Factory Job Growth Stunted by Interest Rates and Global Economic Turmoil in February: AAM Statement

Washington, D.C. — Factories lost 4,000 jobs in February, according to data released by the Bureau of Labor Statistics on Friday. 

Alliance for American Manufacturing President Scott Paul said: 

“While there are historic investments and factory construction underway in America, interest rates and borrowing costs are holding back manufacturing job growth. That’s compounded by global weakness, which is exacerbated by China’s industrial overcapacity and economic challenges, limiting the possibilities for U.S. export growth and putting our factory jobs at risk.

“During his State of the Union address, President Biden was right to highlight the policy and manufacturing success stories we have seen so far — Buy America procurement laws stand out to us. I’m optimistic for the future of manufacturing jobs, but we can’t overlook the very difficult environment factories face right now.”

Read AAM’s report on the threat Chinese autos pose to the American market. And, find our comments on the Federal Highway Administration’s decision to end its 40-year Buy America waiver here