Friday, January 28, 2011

Charts of the Day: U.S. Adds Manufacturing Jobs in 2010 For the First Time in 12 Years, Since 1997

Following 12 straight years of declines, U.S. manufacturing employment increased last year by 136,000 jobs - the first annual increase in manufacturing employment since 1997 when 304,000 manufacturing jobs were added to the nation's payrolls.  Also notice that there were more manufacturing jobs lost during the 2001 recession (almost 1.5 million) than in 2009 (almost 1.3 million jobs).   And during the 2001-2003 recession and post-recession period, more jobs were lost (almost 2.9 million) than in the 2007-2009 period (almost 2.5 million).  

As incessantly as we have heard about the "worst economic crisis since the Great Depression," the manufacturing losses illustrated above suggest that the 2001 recession was much worse for the manufacturing sector than during the most recent recession.  

See related WSJ article about manufacturing being the "shining star of this recovery."


At 1/28/2011 4:05 PM, Blogger NormanB said...

This a phyrric victory at best.

At 1/28/2011 4:35 PM, Blogger Buddy R Pacifico said...

This trend is salubrious for a vibrant U.S. economy.

At 1/29/2011 2:18 PM, Blogger Unknown said...

Is it not possible that all of those manufacturing jobs lost in the 2001 recession were not recovered? Which would mean as a percentage the 2008 recession could be higher.

At 1/29/2011 4:52 PM, Blogger Mark A. Sadowski said...

I haven't been here in a long time mostly because I got out of the habit of reading Real Clear Markets. I had enough of pointlessly arguing with John Tamny, and in any case they shut down the comment threads after I left. (I like to think that they missed arguing with me.) These days I mostly read Quasi-Monetarist blogs like The Money Illusion where we quibble over the details instead of the big picture. It's Libertarianism without the Austrian BS.

I remember that I usually disagreed strongly with the stuff you posted but this is contrarian in a way that I very much approve. Thanks for the info.

At 1/30/2011 8:31 AM, Blogger Chesterton said...

As a small business owner who make candy, I can guarantee you that charts will not convince me to purchase new equipment - no matter how high the bar goes. I have the "regime uncertainty" that has not been greatly reduced even after 11/10. I can honestly say that, as a business owner who has no golden parachute like the public union employees, I hate the government.

At 1/31/2011 9:26 AM, Blogger geoih said...

Quote from Mark A. Sadowski: " It's Libertarianism without the Austrian BS."

What's "Austrian BS"?


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