The latest monthly U.S. jobs numbers were issued this morning. Total nonfarm payroll employment rose by 163,000 in July, and the unemployment rate was essentially unchanged at 8.3 percent. The manufacturing sector added 25,000 jobs in July.
Said Scott Paul, Executive Director of the Alliance for American Manufacturing (AAM):
"Manufacturing job growth rebounded in July after a stagnant second quarter. Though 25,000 manufacturing jobs is no boom, it does mean we are back on an upward trajectory. We see continued strength in jobs in durable goods, autos, and fabricated metals.
"There are troubling signs ahead, however. Most forward-looking indicators have been trending down. China is devaluing the yuan again to try to gain a competitive edge, and the Chinese government is subsidizing key industries in the face of falling domestic demand. Congress and the Administration face a choice: ignore these threats and risk another manufacturing recession, or get tough with China so that we can properly rebalance our economic relationship with Beijing."