September 9, 2013: Biden in Baltimore, Paul in Fort Wayne, Apple in China and more.
As consumer demand increases in the U.S., it’s China who’s the main beneficiary. The Wall Street Journal reports China's trade surplus widened to $28.5 billion in August, marking its highest level since January. That follows last week news from the Treasury Department that our own one-month trade deficit with China reached an all-time high of $30.1 billion.
And that’s a lot of billions. In an opinion today for the Fort Wayne Journal Gazette, Alliance for American Manufacturing President Scott Paul writes that Beijing’s currency policies have a lot to do that:
By distorting the market with its rigged currency, China has exponentially expanded its wealth – and American companies and workers pay the price. It’s past time our leaders acted to stop it.
There’s a lot going on up on Capitol Hill just this moment, but we hope that bills like H.R. 1276 -- a House resolution that would crack down on foreign governments that manipulate their currencies -- don’t get lost in the shuffle. America’s economic recovery depends on it.
Elsewhere around the web:
With unemployment at its lowest rate since December 2008, the Federal Reserve may consider easing off the gas on its stimulus policy. But unemployment dropped as a result of a contraction in the workforce not more jobs, reports Bloomberg: Labor-force participation -- the share of working-age people either holding a job or looking for one -- stands at a 35-year low.
Apple hasn’t been doing too hot in the Chinese market, its biggest outside of the states. But the company seems poised to gain market share with the introduction of the iPhone 5C, a cheaper and more accessible to Chinese consumers.
Urban areas like Newark need to seize the manufacturing moment in the U.S. by focusing on local resources, education and infrastructure through private and public partnerships in the city, write Jennifer S. Vey and Nisha Mistry of the Brookings Institute. The plans must be viewed as a long-term investment for the health of the city. That sounds like a national manufacturing strategy on a city scale.
Coming up today:
Vice President Joe Biden will bless the mic in Baltimore today to highlight the Port of Baltimore’s new TIGER grant, which will put the finishing touches on channel work for the enormous supertankers that will soon sail through the Panama Canal, and give the port more room to store vehicles for its booming auto business. You can catch the whole thing online at 11:20am.
And more from our manufacturing facts series ...
Manufacturing Day is coming up in a month, and we’re getting ready for it by digging some sweet manufacturing facts to share with you. Here’s one from the weekend:
Taken alone, manufacturing in the United States would be the tenth largest economy in the world.
Wow. That’s a heckuva fact. Happy Monday, everyone!
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