Manufacturing: Shrinkage is the New "Growth"
Tuesday, December 18, 2012
"…American manufacturing is growing at the fastest pace since the 1990s.”
--President Barack Obama, December 10, 2012
Inflation-adjusted U.S. manufacturing output, February, 2012-present: -0.41%
(Sources: “Remarks by the President at the Daimler Detroit Diesel Plant, Redford, MI,” Office of the Press Secretary, Speeches and Remarks, Briefing Room, The White House, December 10, 2012, http://www.whitehouse.gov/the-press-office/2012/12/10/remarks-president-daimler-detroit-diesel-plant-redford-mi and calculated from “Data from January 1986 to Present (Tables 1,2 and 10), Industrial Production, Seasonally Adjusted, Industrial Production: Market, Industry Groups, and Individual Series,” Historical Data, Tables 1, 2 and 10, Industrial Production and Capacity Utilization –G.17, Statistical Releases and Historical Data, Economic Research & Data, Board of Governors of the Federal Reserve System, http://www.federalreserve.gov/releases/g17/ipdisk/ip_sa.txt)
Alan Tonelson is a Research Fellow at the U.S. Business & Industry Educational Foundation and the author of The Race to the Bottom: Why a Worldwide Worker Surplus and Uncontrolled Free Trade are Sinking American Living Standards (Westview Press).