Stepping through these industry sectors leaves an abiding realization of the extraordinary breadth and depth of these job losses. The damage has been so widespread that it is useful to attempt to pull the tally of job losses into a comprehensible summary, and consider:
The following tables report values for these criteria for each industry subsector (three-digit NAICS code) and for each of our industry groups:
Job Losses by Percentage
Which industries have been hit hardest? The following table tallies these criteria by industry grouping, ranked by the percentage of jobs lost from peak to 2014:
Losses by Number of Jobs
Which industries have seen the largest number of job losses? The following table tallies these criteria by industry grouping, ranked by the number of jobs lost from peak to 2014:
In sum –
It is fair to say that, at least with respect to employment, reports of a manufacturing recovery, much less a manufacturing “renaissance,” like the reports of Mark Twain’s death, have been greatly exaggerated.
The direct results of the trade in goods deficit, these deep and pervasive manufacturing job losses, are bad enough: But what effects are these job losses having on the rest of the economy? We now consider indirect results.
GO TO Indirect Results.
May 15, 2014, Ontario, CA - MIAA's founder, Jim Stuber, delivered the keynote address at the 20th annual World Trade Conference sponsored by the U.S. Department of Commerce and the California Inland Empire District Export Council in Ontario, California. To view the conference agenda, click here:
May 7, 2015, Radnor, PA. MIAA's founder, Jim Stuber, appeared as the guest of host Richard J. Anthony, Sr. on The Entrepreneur's Network TV at Radnor Studio 21. The program featured a discussion of the problems caused by offshoring manufacturing and white collar jobs and how consmers can solve the problem with their spending decisions.
Studio 21 has made the program available for viewing here: