As of this January, Donald Trump has been the president of the U.S. for three years. With three years now behind him, how is our economy doing? Over the next few days, we will be sharing the trends from three areas of the U.S economy: The stock market, manufacturing, and unemployment. This article is the second of three and will discuss the performance of U.S. manufacturing.
U.S. Manufacturing Performance
While manufacturing fell 1.2% during two quarters in the middle of 2019 and recovered in the latest reported quarter, manufacturing has overall risen under the Trump administration, and it has done so faster than before he was president.
Manufacturing rose a total of 3.6% during Trump’s three years, which is more than double the rise of 1.7% in the three years under Obama, according to government data. Manufacturing employment also rose under Trump, with 487,000 manufacturing jobs created.
In contrast, manufacturing employment rose by 287,000 jobs in the three years before Trump took office.
U.S. Manufacturing Snapshot
U.S. manufacturing is the largest in the world, producing 18.2% of the world’s goods—more than the entire economic output of Canada, Korea, or Mexico. Manufacturing is an essential component of gross domestic product, which was $2.33 trillion in 2018, and drove 11.6% of U.S. economic output, according to the Bureau of Economic Analysis. Manufactured goods comprise half of U.S. exports, adding high value to the power of the U.S. economy. Every dollar spent in manufacturing adds $1.89 in business growth in other supporting sectors, including retailing, transportation, and business services.
Next time, we will look at unemployment in the U.S. If you have any questions, please email us at email@example.com.