President Donald Trump campaigned on the promise to revive manufacturing. He said that an election win for him would result in a “victory for . . . the factory worker.”
The latest jobs numbers, however, show that when it comes to manufacturing jobs, Trump has failed on his election promise.
“The manufacturing recession underway shows up in the employment numbers: The nation’s factories shed 12,000 jobs in December, with the steepest loss in the making of fabricated metal products. A further 8,000 jobs were lost in the mining sector, reflecting a slump in spending on energy exploration. Transportation and warehousing employment fell by 10,400, another potential knock-on effect of the manufacturing slump.
This story is not too complicated: The sectors that bear the brunt of the global economic slowdown and the trade wars are cutting jobs, or at least they were in December.
Last week’s report from the Institute of Supply Management adds some color. Its manufacturing index fell sharply in December, the fastest rate of contraction since June 2009, when the economy was struggling to emerge from a deep recession.
A respondent in the report said: ,Anticipated large export orders did not materialize, in the fabricated metal industry. ‘As a result, U.S. production has decreased.'”
For the test of the story, visit The New York Times here.