Washington, D.C. — U.S. manufacturing gained 1,000 jobs in July, according to data released by the Bureau of Labor Statistics on Friday.
Alliance for American Manufacturing President Scott Paul said:
“Despite record construction of new facilities in the industry, manufacturing employment remained stagnant. Only 1,000 new factory jobs were added in July, and 14,000 over the past year. This is the clearest possible signal — together with the rise in overall unemployment and weak job growth numbers — that the Federal Reserve must start cutting interest rates. It would be tragic if monetary policy miscues wiped away the impact of the surge in manufacturing investment over the past several years.”
Alliance for American Manufacturing President Scott Paul is available for interview.