Saturday, June 3, 2023

Manufacturing industry and retail in the United States

The manufacturing industry will represent 11% of the United States’ Gross Domestic Product (GDP) in 2022, according to data from the Bureau of Economic Analysis (BEA).

With adjusted temporary data, the manufacturing industry went from 2 trillion 497,000 million dollars in 2021 to 2 trillion 794,000 million in 2022.

The contribution of manufacturing to US GDP continued to decline. This trend, as well as the corresponding decline in manufacturing jobs, has been well documented since the 2000s1, and explains some of the recent policies taken by the US authorities.

According to the White House, the manufacturing industry is one of the largest producers.

Although it remained relatively constant between the 1960s and 1990s, employment in the manufacturing sector began to decline in the late 1990s.

Then in the decade from 2000 to 2010, a third of US workers (almost 6 million people) lost their jobs.

Less than 2 million of those jobs were lost.

However, it should be noted that employment in the manufacturing sector in 2022 was above its 2020 peak, the first time since 1978 that it exceeded the peak of the previous economic cycle.

The global Covid-191 pandemic has revealed the fragility of supply chains in the manufacturing sector, with severe shortages of key products such as medical supplies, critical minerals and semiconductors.

They will give birth

To strengthen manufacturing supply, small and medium-sized manufacturers (SMEs)—those employing fewer than 500 workers, comprising 98% of all manufacturers and representing 43% of employers—need support from the US government and their largest customers. and instructed.

Therefore, the White House believes that there is a need for the United States to develop and implement strategies to recover American businesses through investment in advanced manufacturing.

In addition, the nation’s industrial and manufacturing base underpins the military capabilities of the United States using advanced technology to achieve our democracy.

The share of industry in the GDP of the United States of America went from 11.4% in 2018 to 11.1% in 2019, and then changed from 10.6% in 2020 to 10.7% in 2021.

World Nation News Desk
World Nation News Desk
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news


Please enter your comment!
Please enter your name here