Manufacturing Employment Rose in January 2015
The Reshoring Initiative’s Harry Moser comments on employment figures reported by the Department of Labor.
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The Department of Labor’s January economic news release showed that manufacturing jobs were up 22,000 in January, almost 100,000 in the last three months, 343,000 year-over-year and 87,999 since the employment-recession low in February 2010. Overall, nonfarm employment increased by 257,000 jobs, with unemployment at 5.7 percent.
According to the Reshoring Initiative, compared to the 10-year, 1,927,000 decline in manufacturing employment, the announcement is consistent with the beginning of the reshoring trend and offshoring slowing in 2010. Data from the Initiative shows that reshoring plus foreign direct investment added a record 50,000 to 60,000 manufacturing jobs in 2014, and that January 2015 U.S. manufacturing employment is above the trend line shown over the last 15 years. However, Harry Moser, founder and president of the Reshoring Initiative, cautioned that the positive trend may be threatened by issues such as the recent rise in the U.S. dollar and potential impact of the Trans-Pacific Partnership (TPP).
The Reshoring Initiative, visit reshorenow.org.
