Americans have high hopes for a manufacturing renaissance — the idea that rising overseas labour costs and falling domestic would be bring jobs back to the U.S.
But as Goldman Sachs’ Jan Hatzius has noted, there isn’t much evidence that this is actually happening.
Marketwatch’s Steve Goldstein just gave us more evidence that this renaissance may be just a myth.
It’s pretty simple: a chart showing total nonfarm payrolls versus manufacturing payrolls. The lines are going in the wrong direction. And manufacturing jobs are actually falling faster than other jobs:
Marketwatch/FREDManufacturing lost 3,000 payrolls in March.