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 ...
NEW YORK: 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.
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.
Last month's unexpected slowdown in factory hiring - economists polled by Reuters had forecast a gain of 10,000 jobs - may signal that slower consumer and business spending as well as softening auto sales may curtail manufacturing job growth going forward. Another possibility is that factories are finding trouble finding and retaining willing workers.
Shawn Hendrix, president of Nissen Chemitec America Inc, which supplies parts for Honda and Subaru cars, said he is not seeing an industry slowdown. He is having trouble finding people to fill jobs at his London, Ohio, factory.
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