Baroody tells Senate Budget Committee US manufacturers need help
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Manufacturing News, Source : TheManufacturer.com
Published : 29 Jan 2003 18:49
Michael Baroody, executive VP of the National Association of Manufacturers, met with the Senate Budget Committee to stress that the recent economic recession has taken its greatest toll on manufacturers, urging Congress to further encourage economic growth to boost US manufacturers.
He stated that increasing competition from global competitors, deflationary pressures, and falling prices on manufactured goods have put even the strongest manufacturers at a severe disadvantage.
“By contrast, employment in the rest of the economy has grown modestly by 954,000 jobs before and after a sharp drop that followed the September 11 attacks,” said Baroody. “Our critically important manufacturing sector has suffered because weak business investment demand and export growth have hindered its recovery. In short, the expansion to date has been narrow, unbalanced, and historically sluggish.”
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