US Manufacturing a ‘Rising Star’ in the World, Says New Report
The U.S. has lost some 7.5 million industrial jobs since the employment sector hit its peak in 1979, in large part because companies chose to ship their manufacturing jobs to less-expensive overseas markets. However, that trend is reversing, and, according to a new report, the U.S. now ranks second in overall competitiveness. It trails only China.
On Friday, the report released by the Boston Consulting Group (BCG) said that the U.S. was a “rising star” of global manufacturing. It also said that China’s place as the top manufacturer was, if not being explicitly challenged, “under pressure” because of increased labor and transportation costs as well as reduced productivity growth.
Conversely, the U.S. is becoming a better market for manufacturing thanks to the lower cost of natural gas...