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The manufacturing sector lost 14,000 jobs last month, according to the latest employment datafrom the Labor Department. This comes after a six-month low on the Institute of Supply Management Index as new orders and production plummeted.
Meanwhile, new data from the Commerce Department shows that the goods and services trade deficit hit $39.5 billion in July, down by $5.2 billion from $44.7 billion in June. The goods deficit with China hit $29.4 billion, an increase of $1.4 billion.
"This month brings more manufacturing jobs losses, including in the automotive sector, where sales are declining. That’s been a recent bright spot for U.S. manufacturing, and its slump really highlights the global headwinds America is facing.
We’ve got a persistent China trade problem, and it’s going to be hard to create manufacturing jobs while China’s chronic industrial overcapacity is crushing steel and other sectors.
I join the Congressional Steel Caucus in encouraging President Obama to raise the overcapacity issue during the G20 summit. Over 19,000 U.S. steelworkers are facing layoffs and that isn’t going to change without action on this issue.
Yesterday, a Duke University report delved into the overcapacity problem. It points to many U.S. policy solutions, including infrastructure investment and strong trade enforcement, but one thing is clear: The next administration will have to demand accountability from Beijing if we’re to ever stop American manufacturing job loss,” said Alliance for American Manufacturing (AAM) President Scott Paul.
