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Federal Reserve Bank of Chicago Senior Economist William Strauss on the manufacturing industry slowly making a comeback, plus his predictions for the ...
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-- we're focusing again on the middle class caught in the middle and namely manufacturing.
Hard hit over the last February -- -- as it -- is actually a bright spot.
In today's job market bill Straus is with the senior economist and economic -- With the Federal Reserve Bank of Chicago He is joining us from bets on city built terrific to see you.
What is -- how much.
Has the manufacturing job market recovered.
Well nice to join you again taken.
The manufacturing job market has been expanding.
-- for covered.
About.
285000.
Jobs since.
The labor market began to grow once again.
But that's only about one out of every jobs that was losses during the bearish steep downturn.
That took place in 2008 through 2009.
Prosperity for decades for generations in this country -- Get a union job work and all -- Macon automobiles.
And making other products in this country is that over in your opinion.
I would think it's over but it's definitely much more of a challenge -- one of the key strengths for.
Our manufacturing sector and in fact now for the past 26 months.
Manufacturing output has been rising not -- -- you know trend growth which we've seen for the rest of the economy.
But at more than twice its -- six point 4% annualized growth.
After suffering a very deep drop of more than 20%.
It has recovered -- 56%.
Of that loss.
So the manufacturing sector in terms of output is doing quite well but it's largely being driven as it has been for decades.
By the improving productivity of the of of the of manufacturing here in the US and that is boating very well for the future of manufacturing in the US.
Well if you look at the number of cars that are sold in this country that are made in the USA it's -- essentially.
The same.
Has it not for more than thirty years at this point now.
Yeah I -- -- points and make up when I go out and talk to different groups are you go back to 1980.
And we have about 75% of the vehicle's back then.
That were sold were made in this country from about back then by basically three up for companies GM Ford Chrysler and Volkswagen -- -- plant in Pennsylvania.
Which they would soon close at the towards the end of the eighties.
Today.
The percentage is actually a bit higher it's about -- -- 8%.
But today we have fourteen different -- manufacturers so much more competitive situation and better for America and -- consumers.
Bill great to talk to is always thank you bill Straus of the Chicago --
