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The U.S. Manufacturing Recovery
Report

The U.S. Manufacturing Recovery

Uptick or Renaissance?

Oya Celasun, Gabriel Di Bella, Tim Mahedy and Chris Papageorgiou
IMF, 2014
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Editorial Rating

8

Qualities

  • Comprehensive
  • Analytical
  • Overview

Recommendation

The days when US factory output accounted for 20% of America’s GDP have long since passed. The IMF’s economists say that, nevertheless, the speed of US manufacturing’s rebound from the dark days of the Great Recession is remarkable. The domestic energy revolution, combined with dollar depreciation and lower labor costs, could gradually increase US industrial output over the long term. This clear, concise IMF paper provides an overview that industry leaders will find invaluable and that getAbstract highly recommends.

Take-Aways

  • The speed and strength of the recovery in US manufacturing after the Great Recession have sparked debate about whether the rebound represents a natural “uptick” in the economic cycle or the dawn of an American industrial “renaissance.”
  • A relative decline in the dollar, a boom in the domestic energy sector and a fall in labor costs have all helped boost US industrial output.
  • Manufacturing is still a significant contributor to the US economy, especially as a source of technological innovation and export earnings.

About the Authors

Oya Celasun, Gabriel Di Bella, Tim Mahedy and Chris Papageorgiou are economists at the IMF.

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