Saturday, February 04, 2012

North American manufacturing volume remains fairly steady.

Real Manufacturing Production by Region: 2005-2011
Source: Euromonitor International

The media discussion of the growth of the Chinese economy and the increasing importance of China and India in the world economy seems to have led a lot of people to be concerned about a decline in U.S. manufacturing. The graph suggests that U.S. manufacturing GDP is not declining all that much. Of course, increasingly automated manufacturing means we produce the same value of goods with fewer workers in the factories. It remains to be seen if China can satisfy the demands of its population and adjust to its aging population while continuing to maintain it competitive advantages in manufacturing goods for global markets.

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