Trade and services deficit hits $36.4 billion; Goods deficit with China drops by $2.2 billion due to lower imports
The manufacturing sector lost 9,000 jobs in October, according to the latest employment data from the Labor Department. It's the fourth month in a row that manufacturing lost jobs and comes as presidential candidates try to win ground in key industrial states.
Meanwhile, new data from the Commerce Department shows that the goods and services trade deficit hit $36.4 billion in September. The deficit with China decreased from $2.2 billion to $26.9 billion with U.S. exports to China growing by $0.2 billion.
Said Alliance for American Manufacturing (AAM) President Scott Paul:
"This morning revealed a disappointing jobs number for factory workers in October, especially after a positive ISM index gave us some hope.
"There’s clear evidence that a strong dollar and global weakness are still holding manufacturing back. But declining public investment in infrastructure is also dampening opportunities for new jobs.
"Boosting spending on rebuilding America and jumpstarting vocational training are two strategies Congress and the administration should pursue, particularly since global trade maybe slowing over the long run, with or without new trade agreements."
The #AAMeter, which tracks President Obama's goal to create 1 million new manufacturing jobs, now sits at +298,000 jobs. That means there would need to be over 234,000 new manufacturing jobs created each month for Obama to hit his goal.