Think Nothing Is Made in America? Output Has Doubled in Three Decades - MarketWatch
The U.S. manufacturing sector doesn’t get any respect.
Ask a random sample of people on the street and you’re likely to hear that America doesn’t make anything anymore, that China, Mexico and Vietnam took all of our factories, and that the only jobs left in America are flipping burgers and cleaning hotel rooms.
“Throughout history, at the center of any thriving country has been a thriving manufacturing sector,” says presidential candidate Donald Trump. “But under decades of failed leadership, the United States has gone from being the globe’s manufacturing powerhouse — the envy of the world — through a rapid deindustrialization.”
US manufacturing is at almost record high levels right now. We’ve fallen behind China, but produce more than the next 3 countries combined behind us on the list, German, Japan and South Korea.
The number of jobs has dropped greatly, due in large part to increased automation. There are some industries like textiles and paper that are gone, and just aren’t coming back, but overall, the manufacturing segment is outperforming most other sectors.
Keep this in mind the next time you hear that “We are becoming just a service economy”.