The U.S. economy has been teetering on the brink of a recession since the early days of the pandemic.
With mandatory lockdowns, economic shutdowns, and overall sickness running rampant in the beginning of the 2020’s, it’s no wonder that the health of the U.S. – and global – markets has gone from all-time highs pre covid to the lows we see today.
… And with three major banks now collapsing in just the past few days, many economists have begun to wonder what else the future holds for their investments.
One prominent sector of the U.S. economy that has especially felt the impact of the past few years is manufacturing.
Slowly working its way out of the hole it found itself in in the early days of 2020, the Biden administration has made clear that their efforts to rejuvenate American manufacturing are expected to take center stage in 2023.
This is just what American manufacturers want to hear as they continue to prepare their facilities for the return of the American workforce.
Over the years, many Americans had fallen into despair, finding themselves to be a bit cynical when it came to dreaming about the return of jobs to America.
After all, the cheap labor and affordable options presented to corporations by foreign nations were all too tempting for the average CEO… Why would they suddenly decide to give all that up?
It’s thinking like this that led to many of America’s manufacturing facilities shutting down, turning many small communities across the United States – especially in the East and Midwest – into modern day ghost towns.
Just take a look at the semiconductor industry…
Two decades ago, when semiconductors were at their peak, the industry employed around 715,000 workers. Today, that number has dwindled down to a meager 365,000.
… And, while semiconductor manufacturing has long been a cyclical industry, this doesn’t explain the sudden and staggering loss of almost 50% of the sector’s jobs!
So what happened to these jobs?
Well, they moved overseas, of course.
Why?
Firstly, competitors in Asia were receiving state support that created an uneven playing field for the United States. This led many in the United States to hold such foreign nations responsible for the decline in the U.S. jobs market (more on that later.)
Secondly, American semiconductor companies began prioritizing profits over market share and, thus, shed manufacturing capability, improving earnings per share, but sacrificing productivity and innovation.
It wasn’t until 2016 that any major steps towards returning these jobs back to American shores were taken.
The Trump administration, pushing the belief that foreign nations were, in this and many other ways, taking advantage of American hospitality, began to “urge” American companies via their CEO’s to return to U.S. shores once again.
This was done by making it less appealing for these companies to produce overseas by laying heavy tax burdens and fees on any one of them who wished to move offshore and then import their products back onto domestic soil.
Countering the savings companies opened themselves up to by moving off of U.S. soil, many began seeing manufacturing in America as a tempting option yet again and soon the nation saw an influx of jobs and employment opportunities.
This was not only good news for workers and employers, but for the U.S. economy as a whole.
As employment returned and the American economy began to take off yet again, the markets started reacting, creating one of the best stock markets Wall Street had seen in years.
As the years continued to pass, a new administration entered the White House and, they too decided to take steps to bring jobs back to the United States, with a special focus on the manufacturing sector.
… And despite today’s lingering threat of a recession, due to the promises made by President Biden, many still have a hopeful outlook for the manufacturing sector as a whole.
Only time will tell, however, if these hopes will be fulfilled or dashed.
Nobody can predict the future. (If I could I would be much wealthier.)
What we do have the power to do, however, is to reflect on and learn from our past. And that’s just what we need to do here.
Folks, America is a resilient country. Despite the many challenges our nation has faced since its founding, we always seem to come through the other side stronger.
It’s this very reason that leads this author to believe that, despite what the future may throw at us, in the end, things will work out.
… And this is just as true for American manufacturing as it is for America itself.
BUT NOW IS THE TIME TO ACT!
It’s been years since this much attention has been given to the American manufacturing sector and, now that we’re front and center, anyone who doesn’t want to be left behind needs to act quickly and take advantage of the publicity!
True, many of the jobs that moved overseas over the years may not return to U.S. soil.
For those that do, however, the workforce is still here.
… And with a dash of hope and a little bit of training, that workforce can have all the skills needed to compete in this new digital world and bring American manufacturing back to life once again.
Opportunity is knocking at your door… Are you going to answer?
P.S. If you too work in the manufacturing industry but find yourself struggling to keep up with the technological advancements and overall changes of our digital age, we have something you need to see.
We call it Manufacturing KnowHow!
Manufacturing KnowHow is a brand new e-learning site that consists of a variety of web-based videos, tutorials, and worksheets designed specifically with you in mind!
By joining the Manufacturing KnowHow family, you’ll open yourself up to a community of individuals who are all working towards one goal… To prepare and educate you on the skills you’ll need to continue to be valuable in the manufacturing field.
Combining the lifelong manufacturing experiences of some of the industry’s top leaders, you’ll soon find yourself ready to tackle anything your boss throws your way.
… And the best part is that, for a limited time, you now have a chance to get in on this service BEFORE it officially hits the market!
So, are you ready to take the manufacturing world by storm?
If you’re answer is yes, then you’re not going to want to miss this opportunity.