Table of Contents
What has happened to manufacturing in the US in recent years?
Since 1979, the number of U.S. manufacturing employment has been declining, especially the sharp decline in 2001 and 2007. The Bureau of Labor Statistics (BLS) forecast in October 2017 that manufacturing employment would fall from 12.3 million in 2016 to 11.6 million in 2026, a decline of 736,000.
What industries are down in 2021?
Global Fastest Declining Industries by Revenue Growth (\%) in 2021
- Global Respiratory Ventilator Manufacturing.
- Global Investment Banking & Brokerage.
- Global Reinsurance Carriers.
- Global Cheese Manufacturing.
- Global Magazine Publishing.
- Global Newspaper Publishing.
- Global Insurance Brokers & Agencies.
- Global Sugar Manufacturing.
What industries are declining right now?
Industries with Declining Employment
Rank | Industry | Employment |
---|---|---|
Employment column two 2030 | ||
1 | Business schools and computer and management training; local | 800 |
2 | Junior colleges; private | 25,600 |
3 | Apparel Manufacturing | 51,600 |
What products are declining right now?
Fastest Declining Industries in the US in 2021
- Unmanned Aerial Vehicle (UAV) Manufacturing.
- Armored Vehicle Manufacturing.
- Department Stores in the US.
- Sign & Banner Manufacturing Franchises.
- Autonomous Underwater Vehicle Manufacturing.
- Hand Sanitizer Manufacturing.
- DVD, Game & Video Rental in the US.
- Postal Service in the US.
How many manufacturing jobs have been lost in the United States?
Press release. The United States lost 5 million manufacturing jobs between January 2000 and December 2014. There is a widespread misperception that rapid productivity growth is the primary cause of continuing manufacturing job losses over the past 15 years.
Is it true that all was well in manufacturing before 1999?
But it is wrong to suggest that all was well in manufacturing before 1999. Manufacturing jobs were being destroyed in those earlier decades, too. But the lost jobs in one region and sector were generally being replaced – in absolute terms, if not as a share of the labor force – by new jobs in another region or sector.
What happened to manufacturing employment in the early 2000s?
However, this relationship broke down in the early 2000s, a period of rapidly growing trade deficits. At that time, manufacturing employment began a prolonged collapse, falling to a low of 11.5 million in February 2010, and recovering by December 2014 to 12.3 million, where it has remained.
What explains the decline in manufacturing employment?
Overall the 1.7 percent average annual growth in productivity and the 0.0 percent rise in annual output explain the 1.6 percent annual rate of decline in manufacturing employment (hours) in the 2007–2014 period shown in Figure B. Exports boost the demand for U.S. output while imports reduce demand for U.S. output.