Chicago Fed sees "little progress" in reshoring so far, but remains optimistic.
According to the Federal Reserve of Chicago, the U.S. balance of payments in manufactured goods shows that "little progress" has been made in bringing back U.S. manufacturing over the past few years.
However, the Fed is still hopeful that ongoing shifts in "underlying competitive conditions" could begin to favor manufacturing production in the U.S.
In fact the "tipping point" for a manufacturing revival could come thanks to lower energy costs in the U.S. along with higher production costs overseas.
The Chicago Fed estimates that if a significant portion of manufacturing activity were to return to the U.S., the result would be a gain of approximately $200 million in annual manufacturing output.
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