Manufacturing & The Economy
Growth in U.S.-manufactured goods exports remains frustratingly low so far this year despite modest gains in the economies of our major trading partners. U.S.-manufactured goods exports have risen just 1.8% through the first eight months of 2013 relative to the same time period in 2012, using non-seasonally adjusted data. This represents only marginal improvement from July’s 1.6% pace, and it presents a challenge in our nation’s ability to double exports by 2015 as outlined in the President’s National Export Initiative. Reduced year-to-date exports to Europe account for much of the slower pace of U.S.-manufactured goods exports, with eased growth rates to many of our other large trading partners as well. However, the recent deceleration in the U.S.–euro exchange rate should help to boost our exports to the EU.