Lagging U.S. Competitiveness and High Interest Rates Take Their Toll on Factory Jobs

Tags Jobs and the U.S. Economy

Washington, D.C. — U.S. manufacturing lost 8,000 jobs in June, according to data released by the Bureau of Labor Statistics on Friday.

Alliance for American Manufacturing President Scott Paul said: 

“As we’ve regularly said for the past 18 months, the combination of an overly strong dollar and high interest rates are dampening factory jobs growth. June’s numbers bear that out, with a net loss of 8,000 manufacturing jobs. Until the Federal Reserve changes course, we can expect to see a stalled factory sector.

“We’re also concerned about the growing and persistent trade deficit in goods. It shows we still have a lot of work to do to build reshoring efforts.”

The U.S. goods deficit swelled by $0.9 billion to $100.2 billion in May, the Census Bureau reported on Wednesday. 

Alliance for American Manufacturing President Scott Paul is available for interview.