Are President Donald Trump’s tariffs helping American manufacturing? If the latest job numbers are any indication, the answer would be no.
“The longest streak of U.S. factory hiring in a quarter century came to an unexpected end last month, and a clouded outlook for important manufacturing sectors like autos may impede a quick rebound, undermining a key plank of U.S. President Donald Trump’s economic agenda.
That sector lost 6,000 jobs in March, the Labor Department said on Friday, ending a 19-month streak of gains that started in August 2017 and had it extended one more month would have become the longest uninterrupted expansion of factory employment since the mid-1980s.
As it stands, the just-ended run was the longest since a comparable streak from August 1993 through February 1995 and saw the generation of 410,000 U.S. factory jobs. By comparison, that earlier run during Democrat Bill Clinton’s presidency produced 526,000 new manufacturing positions. A 20-month streak back in the early 1980s generated 1.34 million production jobs.
Today, companies that produce cars, construction equipment and other manufactured goods account for 12 percent of an economy that in July marks 10 years of expansion, the longest on record. Back in the 1990s, manufacturing’s share of the economy was around 16 percent and it was closer to 20 percent in the early 1980s.”
For the rest of the story, visit Reuters here.