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Thu June 9, 2011
Midwest manufacturing bouncing back
Midwest manufacturers heard good news about U.S. trade at a conference in Chicago.
A record number of exports are helping to shrink the trade deficit, and conference organizers are optimistic about the future of Midwest manufacturing.
Economist Bill Strauss, with the Federal Reserve Bank of Chicago, likes to use a tennis ball as an analogy to explain what’s going on in manufacturing.
"The sectors that fall the hardest tend to bounce back the strongest," said Strauss. "And we are definitely seeing that with regard to manufacturing where it was automotive and it was primary metals that fell the most during the downturn and they are coming back the strongest at this point."
This morning, Strauss and others told the Chicago Council on Global Affairs they’re optimistic. They point to data like a 7 percent increase in manufacturing over the past 22 months.
Now for the bad news.
That doesn’t translate into more jobs, because manufacturers have gotten better at producing more with less people.