February 7, 2014: The #AAMeter moves, but not enough
And welcome to another Jobs Report Friday. The government released its latest glimpse into America’s employment situation this morning, and all-in-all, it wasn’t much to write home about: Only 113,000 jobs were created across the economy.
One bright spot, though, came from manufacturing. The sector added 21,000 jobs in January – still off pace toward President Obama’s 2012 campaign pledge of creating 1 million of them during his second term, but positive momentum nonetheless. How do we create more of them? Actually encourage their growth, said Scott Paul, president of the Alliance for American Manufacturing:
"We believe better public policies would bring about a real resurgence: That would mean balancing our trade in goods, investing in infrastructure and training, combatting currency manipulation overseas, and boosting innovation.”
With that in mind, let’s crank up the #AAMeter. Remember, this is our running tally toward the 1 million manufacturing jobs of the president's campaign promise. Where does it stand?
Only 890,000 to go. We’ve got two years and 11 months to get there.
What else has been happening this week?
- The trade data for December came out. And with that release, we’ve got a whole year’s worth of numbers for 2013. Did our record goods trade deficit with China rise or fall? It rose to $318.4 billion. That’s bad. There’s a strong correlation between massive, huge, ridiculously big trade deficits and stagnant job creation. Not all records are made to be broken, America.
- A new report from the National Science Board has found that America is falling off its lead in research and development. Although the U.S. still outspends other nations in the amount of funding that goes into R&D, Asia’s collective economies now outpace it. Which makes sense: Where production goes, innovation follows.
- And the Sochi Olympics are about to begin! This time, Team America’s uniforms as made by Ralph Lauren will actually be Made in the USA. Everyone can learn from their mistakes.
And that’s it. That's it and that's all. So TGIF, everybody! We’ll see you on Monday.
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