WASHINGTON—The National Association for Business Economics (NABE) predicts that the U.S. gross domestic product will grow 3.1 percent in 2015—up from a 2.2 percent expansion this year. The NABE also predicts that the jobless rate will come down to 5.4 percent by the end of next year.
If a federal agency helped reduce the trade deficit, increase U.S. manufacturing jobs, and returned a profit to the Treasury, you might think that was a good thing. Unfortunately, it’s not the case in topsy-turvy Washington.
NEW YORK CITY—A new study has found that pay for U.S. manufacturing employees has lagged over the last decade, even as jobs are now returning to the country as the recession fades. According to the National Employment Law Project, the median manufacturing wage fell by 5.2 percent between 2003 and 2013.
In August, the federal Office of Management and Budget (OMB) opted to delay implementation of a new “factoryless goods producer” classification in the latest revision of the North American Industry Classification System (NAICS).
Good news: America is now luring as many factory jobs back from overseas as it’s losing to continued offshoring. That’s the assessment of the Reshoring Initiative, a nonprofit group that encourages companies to move work back to the United States.