America’s manufacturing sector continues to struggle – creating just 4,000 new jobs last month according to U.S. Department of Labor data. In fact employment growth in this critical area of our economy has been at a virtual standstill for the last six months.
That’s no way to build a country, is it?
No, but it’s also not surprising given the extent to which production has slipped from its post-recession peak of 7.4 percent growth in 2010 down to less than 3 percent growth in 2012. Also the growth in the value of American exports is slipping – from 14 percent in 2010 to 4 percent last year, according to CNN Money.
Those are terrible numbers … particularly in the wake of last week’s dismal reading on overall economic growth (or lack thereof).
What’s causing the slippage? Reduced global demand – mostly from Europe. There, unsustainable spending on welfare statism has the eurozone mired in what appears to be an extended malaise.
But hey … let’s just keep marching toward welfare statism here in America, too, right? What could possibly go wrong?