Manufacturing Economist Disagrees with Federal Reserve Report
November 9, 2007—
A recent report from the Federal Reserve that stated manufacturing production showed no change in September of 2007 is not accurate, according to industry insiders. David Huether, chief economist of the National Association of Manufacturers, believes the report does not reflect what’s currently going on in the industry.
“While overall manufacturing activity was flat, there’s an awful lot of activity under the surface,” says Huether. “The ongoing downturn in housing continues to impact some segments. Also, the disruptive strikes in the auto industry were a major cause of the 3.3 percent drop in motor vehicle production. But outside motor vehicles, manufacturing production rose a solid 0.3 percent in September.”
Huether believes export growth could offset the current housing recession. “Encouraging exports by lowering overseas trade barriers would be a no-brainer,” says Huether. “Currently, there are four free trade agreements waiting to be approved by Congress. We hope that Congress will act in the interest of American’s manufacturing base and pass them.”
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|National Association of Manufacturers|