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The U.S. Manufacturing Recovery

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The U.S. Manufacturing Recovery

Uptick or Renaissance?

IMF,

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US manufacturing has bounced back, but that doesn’t necessarily presage a new American machine age.

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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.

Summary

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 presages an American industrial “renaissance.” Manufacturing output rose by almost 20% from 2009 to 2013, spurred mostly by a jump in the production of durable goods such as electronics, machinery and vehicles. Three reasons explain this industrial rally:

  1. The US dollar has depreciated, especially relative to emerging market currencies, making US goods...

About the Authors

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

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