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Strength In July Jobs
Will the real economic indicator please step forward? Recent monthly jobs reports from the Bureau of Economic Analysis (BEA) left economists puzzled. Which reading was the fluke: the extraordinarily bad May report or the glowing report in June? It appears that May's poor performance was the outlier.
The U.S. economy added 255,000 new jobs in July according to the BEA, again confounding analysts who had predicted around 180,000 new jobs. June's robust reading of 287,000 jobs was revised upward to 292,000 and May's poor numbers were raised from 11,000 jobs created to 24,000. As in June, July growth was relatively broad-based across all sectors with only the struggling mining industry declining (thanks to the collapse of oil prices). Costs Rising, Income Falling
I applaud state representatives for working to improve Illinoisâ€™ infrastructure. I agree that creative measures must be taken, but in these times of land grabs for private gain, I plead that the long-term future of the state be weightily considered.
Presidential candidate Donald Trump has been railing against the loss of America's manufacturing base to other countries, especially China, and has been declaring that he will bring offshored jobs back to America. The Donald may be surprised to find that the trend of returning jobs to America â€” aka "reshoring" â€” has been underway for some time now. However, the strength and the momentum of that movement are still in question.
U.S. manufacturing jobs were in significant decline through the early part of this century, sinking from almost 17.3 million jobs in January of 2000 to a low of 11.46 million ten years later. Outsourcing of jobs to countries with lower manufacturing costs ("offshoring") played a large role in that decline â€” in 2003 alone, 150,000 jobs were offshored. However, manufacturing jobs have been slowly climbing u...