Furthermore, despite the rapid increase in factory construction, there are significant headwinds to increasing factory employment in 2025.
Today’s employment statistics from the U.S. Bureau of Labor Statistics revealed The American economy created 22,000 factory jobs last month. that’s good! However, the turnaround was not enough to make up for the 48,000 jobs lost in October. That’s no good. Manufacturing employment has been essentially flat since early 2023, so we’re not stuck too well either. Today, there are about 66,000 fewer American manufacturing jobs than there were then. 1 year ago.
Job growth is likely to increase in 2025 due to a surge in employment spurred by recent industrial policies. manufacturing construction It will be a completed factory that employs workers. However, this does not explain the headwinds pushing down manufacturing employment in 2024. There is a lot of excess manufacturing capacity in the world, and that is impacting American workers.
The Chairman of the American Manufacturing Alliance said: scott paul:
“Manufacturing employment rebounded strongly in November, but the sector has been stuck for too long. China’s industrial overcapacity and the weak global economy are the main external factors pushing down factory employment. The main internal factor is interest rates, which remain high.
“Going forward, the next Congress and administration must complete effective investments in new manufacturing and consider support for additional strategic industries. Additional tariffs on other imports will also be necessary.
In fact, USMCA (the North American Trade Agreement that updated NAFTA) is scheduled for a periodic review in 2026, and it is reported that Mexico, a USMCA member country, is being used as an export platform for Chinese products seeking to avoid US tariffs. There are major concerns.
“The United States, and now Canada, will not allow products made in China to enter their territory through Mexico, where cars are assembled,” a recent article claims. At El Pais. “And they will not accept the argument that the Chinese factories planned in Mexico are intended exclusively to supply the Latin American market and not for export to the United States. Asian electric car company BYD he pointed out. ”
It should be noted that BYD is a heavily subsidized Chinese car giant and the world’s largest electric vehicle manufacturer. banned in the US From federally funded bus procurement contracts. Either way, we’ll have something to say next month when the December jobs report is released.
