TD Economics Report Heralds Revival of American Manufacturing Sector Through Reduced Offshoring of Jobs
PORTLAND, ME and CHERRY HILL, NJ-- TD Economics—an affiliate of TD Bank—released a special report crediting the revival of the U.S. manufacturing sector as a key driver in the economic recovery, largely due to a slowdown in offshoring activity. This slowdown has kept some of the jobs in the United States that used to be rapidly offshored, especially ones in relatively capital-intensive industries such as computers and electronics; machinery; fabricated metals and plastics and rubber, accounting for about one-quarter of the 200,000 manufacturing jobs added over the last 12 months.
The report indicates that since the trough occurring in January of 2010, the manufacturing sector has added nearly 500,000 jobs, in part due to the deceleration of shipping jobs overseas. The drivers behind the deceleration result from a unique combination of dynamic global and domestic conditions.