"Manufacturing output will continue to considerably lag the growth rate of the overall economy, creating tremendous problems for the U.S. economy," said Alan Tonelson, a research fellow at the U.S. Business and Industry Council, a national business organization whose 1,900 members are mainly small and medium-sized domestic manufacturers.

"If we want to increase our living standards, we can’t just increase savings. We must increase production," said Mr. Tonelson.

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