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

Textiles | On 24th Jun 2017

Applied DNA to tag cotton for 2017/18 US ginning season

Applied DNA, provider of DNA-based supply chain security,...

Apparel/Garments | On 24th Jun 2017

NPD Group launches Trend Tracker for apparel trends

Global information company the NPD Group has launched Trend Tracker,...

Textiles | On 24th Jun 2017

Cotton USA’s first innovation competition in UK ends

Cotton USA has announced the successful close to its first innovation ...

Interviews View All

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Larry L Kinn
Suominen Corporation

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Marcel Alberts
Eurofibers

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

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Igor Chapurin
Chapurin

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

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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