A new study by the Economic Policy Institute finds that a growing trade deficit with China has cost the U.S. billions of dollars in lost wages. In 2011 alone, unbalanced trade with the People’s Republic resulted in lost U.S. wages of $37.0 billion. The EPI study cites 2.7 million U.S. jobs lost between 2001 and 2011 due to the trade gap with China, and over 2.1 million of those jobs were in the manufacturing sector.
Virtually all analysts agree that, yes, many American manufacturers have been successful in bringing some previously lost business back home. But it’s happening at a slower pace than the industry had hoped. According to Henry Moser, the founder of the national Reshoring Initiative, the actual rate of reshoring is somewhere between a trickle and torrent.
DEUS Rescue today announced a distribution agreement with 3M Company that will give the 3M Personal Safety Division exclusive distribution rights to DEUS Rescue products in fall protection-related industries. Under the agreement, 3M will sell DEUS® controlled descent devices, kits, and related accessories through its broad network of distributors and dealers starting in late 2013.
Royal Dutch Shell PLC has become the latest company to abandon efforts to turn Western Slope oil-shale into oil, joining a long line of companies in a boom and bust cycle in the region. The company said energy markets have changed since the project started in 1982, and the company no longer wants to continue efforts to turn oily shale rock into liquid by heating the rock and pumping out the oil.
Toyota says it will begin sending U.S.-built Corolla sedans to 18 countries in Latin America and the Caribbean starting next year. The world's biggest car maker said Thursday that production of the U.S.-built vehicles is set to start at its Tupelo, Miss., plant in April 2014.
Residents of Midland, Texas enjoy the second highest personal incomes in the United States, thanks to a booming oil and gas industry. Unemployment in Midland is less than half the national average at 3.5 percent. If people in Midland don't have a job, it's because they don't want to work, say the residents.
The U.S. Department of Transportation’s Federal Transit Administration announced a new Interagency Agreement with the U.S. Department of Commerce’s NIST that will make it easier for manufacturers and transit agencies to identify domestically made products, such as steel and iron components that comply with FTA’s “Buy America” rules requiring that at least 60 percent of the components must be manufactured in the United States.
Airbus is predicting that the number of jet planes around the world will double in the next 20 years, largely to satisfy demand in emerging markets, particularly China. At a press briefing in London, where it unveiled its market forecasts for the period up to 2032, the European plane maker said air traffic will grow 4.7 percent annually.
Chip-making equipment manufacturer Applied Materials is acquiring Tokyo Electron Ltd., a rival maker of equipment for production of semiconductors, flat panel displays and solar panels. The two companies said Tuesday their $9.39 billion all-stock transaction will result in the creation of a new company with a market capitalization of about $29 billion.
South Korea on Tuesday rejected Boeing Co.'s bid to supply 60 fighter jets in the country's largest-ever weapons purchase even though it was the sole remaining bidder, and said it would reopen the tender. Boeing had offered its F-15 Silent Eagle, but South Korean critics have said the warplane lacks state-of-the-art stealth capabilities and cannot effectively cope with North Korea's increasing nuclear threats.
The latest figures show Japan's exports climbing - so what's got the country's manufacturers feeling worse? Reuters' Yonggi Kang reports on the darker side of the country's trade picture and what exactly it takes to keep Japan's companies happy.
Police fired rubber bullets and tear gas Monday in the third day of clashes with thousands of garment workers demanding better minimum wages amid escalating tension over the country's main export business. Police said the violence mainly took place in the Gazipur and Savar Industrial zones, just outside the capital of Dhaka.
Financing for a $1.1 billion steel mill planned for northeast Arkansas expects to be wrapped up by the end of the year, but until then backers will be lining up customers and suppliers. The Big River Steel plant, which is projected to employ more than 500 people, recently was approved for an air quality permit from the Arkansas Department of Environmental Quality, pending resolution of any objections that are due before mid-October.
Break out the balloons. Congress moved a step closer Thursday to averting an impending shutdown of the federal helium reserve, a key supplier of the lighter-than-air gas used in a products ranging from party balloons to MRI machines.
Havana's harbor has long been an unsightly jumble of piers left to crumble into piles of rusty, twisted rebar. Its dominant feature is a refinery smokestack across the bay that belches smoke and flame 24 hours a day. But lately demolition crews and towering cranes have been working double-time to finally tear down the ruined docks.
Whether we like it or not, globalization has been a major factor in the staying power of many manufacturers. The practice of scattering production, jobs and plants across the globe has delivered great benefits to the consumer and the manufacturer. Companies have been able to squeeze as much efficiency as possible from the products they make so that what we desire is affordable and readily available.
Most everyone in manufacturing is aware that today, supply chain is, more or less, “king” of the manufacturing lifecycle. With more globalized supply chains and the trend of working with more and more third parties, it’s critical that manufacturers keep a strong hold on the flow of materials from one location to the next.
Politicians love promoting "made in America" during an election season but tend to forget about it once the dust settles. And so, for all the praise of American manufacturing in the last campaign – by Democrats and Republicans alike – very little has actually been done. So what happened to a real competitiveness – and – jobs agenda?
Michigan may have large natural gas reserves deep underground, but it will likely be years before they would be developed on a large scale, giving policymakers time to deal with the environmental and public health concerns associated with the extraction method known as fracking, according to a study released Thursday.
Indiana Gov. Mike Pence left Thursday on his first overseas trade mission as governor, taking along more than 40 political and business leaders to Japan. The trade delegation flew out of Indianapolis for a nine-day trip through Tokyo, Nagoya and Tochigi Prefecture, Indiana's Japanese sister state.
China's airlines are likely to triple the size of their fleets over the next two decades, driven by strong economic growth and rising tourism spending, Boeing Co. said Thursday. Boeing and European rival Airbus Industries are looking to China to drive sales as growth in demand cools elsewhere.
Microsoft's $7 billion deal to buy Nokia's cellphone business has investors wondering if the software giant can finally stake a claim in the mobile phone industry. A source of national pride, Finland's Nokia Corp. had led the cellphone industry for more than a decade, reaching a peak of 40 percent market share in 2008.
Last week, Walmart Stores announced that they would be holding a summit on U.S. manufacturing, and there’s a fair amount of skepticism over the company’s motives, particularly considering its long history of sourcing a vast majority of products from overseas.
Canadian airline WestJet plans to buy 65 of the new fuel-efficient 737 Max aircraft from Boeing as it looks to modernize its fleet. Boeing said Thursday that the pending order is valued at $6.3 billion at current list prices.
Walmart SVP Michelle Gloeckler explains her company's $50 billion effort to sell more American made goods over the next ten years. Even if Walmart is successful in getting key retailers and suppliers on board, experts say it won't rejuvenate the U.S. manufacturing industry. But the movement could help stem the tide of jobs flowing to China and elsewhere that has been occurring in the last two decades.