Output, employment and value added:
Figure 1: Manufacturing production (black), manufacturing employment (tan), real value added (teal bars), all in logs, 2021M01=0. Source: FRB, BLS, via FRED, BEA, and author’s calculations.
Real value added and employment are about 6% higher than when Biden took office. Manufacturing production (which is a gross measure) is only about 2% higher.
Biden admin has been the most pro-Union/progressive admin in decades. This will be interesting to watch as manufacturing jobs from the CHIPS and Science Act of Democrat 117th United States Congress come online – do a search of CHIPS Act to see all the funding for plants across the country.
In Wisconsin – I am curious to see impact of investment in bio-health and gain in jobs in health and medical sectors as opposed to manufacturing. https://www.bioforward.org/wisconsin-biohealth-tech-hub/
I notice that data goes back to only 2018 for Real Value Added by Industry: Manufacturing FRED series, (RVAMA).
Is there a way to test whether for any president “A” or “B” or for president “A” and “A” or for president “B” and “B” whether RVAMA may increase if the first term is “normal” and includes the beginning of a recession, and the second term is during the recovery from a recession? Not likely we can test a “normal” term followed by recovery from a pandemic.
AS: Use ALFRED, https://alfred.stlouisfed.org/series?seid=RVAMA goes back to 2014 for quarterly. Goes back further at annual.
Dit will be interesting if the Treasury Secretary of China comes to USA and tells them to stop production because they’re threatening Chinese industries
@ “Jon Livingstone”
If He Lifeng wants to come to America, I doubt he will be inhibited about anything he wants to say here, Neither will he be lectured on what is “rude” to say or not say, by foreign leaders:
https://www.theguardian.com/world/2022/nov/16/xi-trudeau-canada-china-g20
People who want to be treated as adults, treat others as adults. Weird concept for Beijing leaders, I know.
See if you can pass on these notes below to Chinese leaders, so they know what class and intelligence are. We’ll skip lectures on the general condition of public toilets and the intricacies of toilet paper availability for now.
https://www.axios.com/2024/04/08/janet-yellen-china-social-media-chopsticks
https://home.treasury.gov/news/press-releases/jy2241
This will require a lot more workers than the US currently have (or produce). Thank God we have all those refugees coming from the southern border – eager to take hard jobs that nobody else wants. Wait, I forgot, we are supposed to be in a crazed out panic about those who are coming here to rescue the economy (and thinks they are here to rob and rape us all).