Labor Day Report shows prospects for manufacturing recovery.
Press Release Summary:
According to NAM's Labor Day 2009: The Manufacturing Report, there have been signs of improving conditions in manufacturing sector over the past few months, but economy is still fragile. Report looks at economic decline in 2008-2009, signs of stabilization emerging, and outlook for employment, manufacturing, and economy. It projects upturn in manufacturing production gradually over next year with more significant growth in 2011-2014 period.
Original Press Release:
NAM Labor Day Report Shows Prospects For A Manufacturing Recovery
Projects Growth and Job Creation; Cautions against Legislative Efforts That Would Harm Long-Term Competitiveness
WASHINGTON, D.C., Sept. 3, 2009 - The National Association of Manufacturers (NAM) today released its "Labor Day 2009: The Manufacturing Report." The report confirms signs of improving conditions in the manufacturing sector over the past few months but warns the economy is still fragile.
The report looks at the economic decline in 2008-2009, the signs of stabilization emerging, and the outlook for employment, manufacturing and the economy. It projects an upturn in manufacturing production gradually over the next year with more significant growth in the 2011-2014 period. The report also projects that by 2014, the manufacturing sector will regain more than 40 percent of the jobs lost during the current downturn.
While there are indications that we may be in the early stages of recovery, the report indicates there is significant reason for caution. According to the report, a recovery would be negatively impacted if Congress and the Administration enact policies that discourage investment, hamper flexibility, or raise the costs of doing business in the United States. The report notes that prospects for good jobs, a strong manufacturing sector and a growing economy depend on U.S. global competitiveness.
"There are grounds for optimism, but there is even greater reason for caution," said NAM President John Engler. "A recovery could stall out or even shift into reverse if Congress and the Administration enact policies that increase the burden on businesses and make us less competitive in the global economy.
"This Labor Day, the NAM welcomes the signs of returning growth and jobs and calls on Congress and the Administration to reject the policies that would stop the nation's progress toward recovery," Engler concluded.
The NAM's "Labor Day 2009: The Manufacturing Report" is available at nam.org/labordayreport09.
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Visit www.nam.org for more information.
