US Manufacturing to Lose 65,000 Jobs in 2010

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Sep 09,2009

The US manufacturing sector lost 1.96 million jobs over a 19-month period ended July 2009. The US manufacturing sector lost 1.96 million jobs over a 19-month period ended July 2009, another 65,000 losses is forecast through 2010 due to downturns in consumer durable purchases and housing, according to the National Association of Manufacturers' annual Labor Day report. However, NAM expects production will increase by 6.4% in 2011 and 2012, leading to an employment increase of 399,000 and 426,000 respectively. NAM forecasts 89,000 manufacturing jobs will be created in 2013. The industries with the greatest prospects for growth include machinery, fabricated metals, aerospace and other transportation, food and beverage products and chemicals, where employment is expected to exceed pre-recession levels. The machinery and fabricated metals industries will recover job losses incurred in the 2007-2010 period by 2014. NAM predicts employment will increase by 12% between 2010 and 2014 in these five industries, which accounted for half of the manufacturing output in 2008. Meanwhile, the computer and electronics sectors are expected to see employment declines exceeding 347,000 between 2007 and 2010, with an additional 201,000 job losses in the 2010-2014 period. The projected declines are attributed to an average 12.5% year-over-year increase in productivity over the past decade and a half. NAM points out in the report that the outlook doesn't take into consideration legislative issues, including health-care reform, energy, taxes and regulations.

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