Washington, D.C. — Factories gained 8,000 jobs in May, according to data released by the Bureau of Labor Statistics on Friday, marking little year-to-date change.
Alliance for American Manufacturing President Scott Paul said:
“It’s always good news when factory jobs are added to the economy, but there are two massive forces lowering the ceiling for future growth.
“The first is high borrowing costs for consumers and businesses. The Federal Reserve should cut interest rates now. Waiting too long could have a devastating impact on our economy. Manufacturing is a capital-intensive industry, and the cost of capital is too high now.
“The second force is the goods trade deficit, which keeps growing. The overly strong dollar and record imports from countries such as South Korea, Mexico and Vietnam are contributing to this dynamic. Congress must take steps now to strengthen trade laws; the U.S. Treasury must push back against currency manipulation; and efforts to halt the circumvention of tariffs by China through third countries must scale up.”Recent research has shown that China has exploited several other countries in its mission to circumvent U.S. tariffs as it seeks to offload its excess industrial capacity in foreign markets.
Alliance for American Manufacturing President Scott Paul is available for interview.
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