NAM chief economist says conditions are improving
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Manufacturing News, Source : TheManufacturer.com
Published : 07 Aug 2002 20:33
The Labor Department’s latest report indicated that unemployment maintained a steady rate of 5.9% in July. In response, David Huether, chief economist for the National Association of Manufacturers (NAM), said the economy remained on a positive growth track as it entered the third quarter.
“Manufacturing employment basically held steady last month, moving down just 7,000,” Huether said. “While manufacturers have yet to add to their employment base, the July numbers compare very favorably to the second quarter, when monthly job losses averaged 21,000. Clearly, conditions are improving.”
There is a range of evidence to support this claim. For example, the Commerce Department reported that personal income grew by an impressive 0.6% in June, pointing to a solid consumer sector. In addition, growth overseas is improving, and the dollar is down 9% from its 15-year high posted in February. “Together, these forces, along with modest growth in investment that appears to be underway, should begin to add jobs in the manufacturing sector as early as the third quarter,” Huether said.
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