November 6, 2013: #MFG growth vs. #MFG jobs
Happy hump day! It’s jobs report week and your friends at the Alliance for American Manufacturing (AAM) are getting pumped up. We always get a little psyched before we update the #AAMeter, our monthly tally of manufacturing jobs created since the start of President Obama’s second term. The president’s promise to help create a million of them during his second term is kinda stuck in the mud, but that’s okay; we’re eternal optimists around here. Maybe this will be the month that we start seeing some job creation.
Or maybe not. Rob Wile of Business Insider takes a look at manufacturing’s recent narrative, and notes that while we hear a lot about a manufacturing renaissance, it’s working for some and not for others:
In recent notes, Wells Fargo's John Silvia and Mackenzie Miller and Allianz' Kelly Smith show that manufacturing is once again profitable — and while firms may not be ramping up hiring, they are helping to drive U.S. growth and stocks higher.
Emphasis added, because Wile is right about the slack in hiring, of course; take a look back at our aforementioned #AAMeter. Will this be the month that the manufacturing jobs total budges? Tune in Friday morning to find out.
Elsewhere around the web:
TPP update: The Japanese government has become increasingly concerned regarding auto tariffs affecting its carmakers’ exports in the Trans-Pacific Partnership (TPP) trade agreement. “If the United States delays scrapping its auto tariffs, Japan could lose much of the benefit it expected to gain from the TPP,” writes Yuya Yokobori in the Yomiuri Shimbun.
So corporate profits are up, eh? Wages, meanwhile, have remained relatively flat since the recession began six years ago. In the same period S&P 500 companies profits have doubled, report Christopher S. Rugaber and Ken Sweet for the Associated Press.
Over in China, a communist party official urged tighter Internet controls to crack down on online dissent. Old news on a different day, right?
Well here’s something interesting: China’s Internet companies are slowly buying into Silicon Valley, report Evelyn M. Rusli and Paul Mozur for the Wall Street Journal. Tencent, a Chinese social media and gaming company, is just the latest company to invest in the U.S. market as Beijing stifles their growth with tighter internet controls.
Don’t forget, Joe ‘BFD’ Biden is in Ohio today:
Vice President Biden will pitch for investing in railways, ports and highways in stop today at North Baltimore rail cargo hub in NW Ohio: AP— Dan Sewell (@dansewell) November 6, 2013
We'll have more coverage of Biden's visit to the CSX Northwest Ohio Intermodal Terminal right here tomorrow morning!
And It’s jobs report week, so send in your jobs report!
There’s more to the monthly jobs report than just numbers. There are people behind the data, and their stories deserve to be heard. Do you have one to tell? Have you – or your friends, family, or neighbors – started looking for work recently? Have you stopped? Send in your jobs report to info [at] aamfg [dot] org, tweet it to us at @keepitmadeinUSA, or contact us via Facebook. And read the ever-updating report right here.
It’s five o’clock somewhere, America. Have a good one out there.
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