Home / Knowledge / News / Huge job losses render negative impact on economy
Huge job losses render negative impact on economy
02
Feb '08
The U.S. Bureau of Labor Statistics reported that the United States lost 28,000 manufacturing jobs in January 2008. These losses were a leading contributor to the overall loss of 17,000 jobs in the U.S. economy for the month.

"Passing a stimulus package is not enough. Congress must respond to the U.S. manufacturing job loss crisis decisively and immediately if the United States is to avoid a prolonged economic downturn," said American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo.

"Predatory trade, especially as practiced by China, has led to more than 3.3 million U.S. manufacturing job losses since the beginning of 2001," Tantillo continued.

Noting that Congress long has been considering anti-currency manipulation legislation, "Congress needs to pass strong anti-currency manipulation legislation right now. It is the height of irresponsibly for the Congress not to have addressed the anti-currency manipulation issue in recent months. China's illegal undervaluing of its currency combined with its peg to the U.S. dollar gives China's manufacturers a substantial competitive advantage over their U.S. competitors," Tantillo said.

"Not only is China's cheating costing U.S. manufacturers market share, it also is discouraging investment in manufacturing in the United States, and this lack of investment is contributing to weakness of the U.S. economy," Tantillo added.

"The longer Congress delays in addressing the currency manipulation issue, the likelihood of the U.S. economy sliding into a deep recession grows even greater," Tantillo concluded.


Must ReadView All

Indian textile & apparel exports fall 13% in Jan 2018

Textiles | On 17th Feb 2018

Indian textile & apparel exports fall 13% in Jan 2018

A decline of 13 per cent year-on-year has been observed in the...

Brazilian cotton prices move up in first fortnight

Textiles | On 17th Feb 2018

Brazilian cotton prices move up in first fortnight

Cotton prices rose in Brazil in the first fortnight of February, as...

Courtesy: OrganoClick

Textiles | On 17th Feb 2018

OrganoClick introduces OrganoTex for water repellency

OrganoClick has introduced OrganoTex, a textile impregnation product...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Top executives
Textile industry

Overall, Union budget 2018-19 is very balanced

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.3%
No
12.9%
Skip
16.8%

Total Votes: 101

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.4%
No
29.7%
Skip
6.9%

Total Votes: 101

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.1%
No
8.9%
Skip
3.0%

Total Votes: 101

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.2%
No
7.9%
Skip
8.9%

Total Votes: 101


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search