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Manufacturing’s Share of U.S. GDP Hits 72-Year Low
The manufacturing sector accounts for 11% to the U.S. gross domestic product, its lowest share since 1947, according to Dept. of Commerce data.
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The manufacturing sector accounts for 11% to the U.S. gross domestic product, its lowest share since 1947, according to Dept. of Commerce data.
Larger contributors are real estate (13.4%), business and professional services (12.8%) and government spending (12.3%), Bloomberg News says.
In the 1960s, manufacturing supplied roughly 25% of GDP. But its clout has been steadily falling since then.
Bloomberg notes that the sector has added about 500,000 positions since President Donald Trump took office on a promise to repatriate jobs. But the news service says that the resulting policies also have disrupted supply chains and dampened investment.
Commerce Dept. figures indicate that manufacturing jobs are now shrinking in some states as the U.S.-China trade war continues and global economic growth slows.
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