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  • Dependence on China shrinks the US economy in Q1

    From ltlee1@21:1/5 to All on Fri May 6 10:46:40 2022
    https://asiatimes.com/2022/04/dependence-on-china-shrinks-the-us-economy-in-q1/ "A leap in America’s trade deficit during the first quarter pushed US GDP down at a 1.4% annual rate, the Commerce Department reported April 28. The consensus forecast called for 1% growth. A massive increase in US imports knocked 3.2% off annualized
    GDP, reflecting America’s growing dependence on China.

    There is no historic precedent for a big economy living on imports from its declared strategic rival.
    ...

    US manufacturers can’t meet the demand for goods. They face a chronic shortage of labor, which may lead to a 2.1 million shortfall in manufacturing employment by 2030, according to the National Association of Manufacturers.

    That leaves imports to fill the gaps, and in particular imports from China."

    America has plenty of workers. But well trained and competitive in manufacturing. Its higher education also is doing a poor job in training and upgrading its labor force. Many are stuck with low paying service jobs.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)
  • From stoney@21:1/5 to All on Sat May 7 10:25:18 2022
    On Saturday, May 7, 2022 at 1:46:41 AM UTC+8, ltlee1 wrote:
    https://asiatimes.com/2022/04/dependence-on-china-shrinks-the-us-economy-in-q1/
    "A leap in America’s trade deficit during the first quarter pushed US GDP down at a 1.4% annual rate, the Commerce Department reported April 28. The consensus forecast called for 1% growth. A massive increase in US imports knocked 3.2% off annualized
    GDP, reflecting America’s growing dependence on China.

    There is no historic precedent for a big economy living on imports from its declared strategic rival.
    ...

    US manufacturers can’t meet the demand for goods. They face a chronic shortage of labor, which may lead to a 2.1 million shortfall in manufacturing employment by 2030, according to the National Association of Manufacturers.

    That leaves imports to fill the gaps, and in particular imports from China."

    America has plenty of workers. But well trained and competitive in manufacturing. Its higher education also is doing a poor job in training and upgrading its labor force. Many are stuck with low paying service jobs.

    The Covid pandemic changed the landscaped of people working in office and manufacturing jobs. People prefer a a hybrid working arrangement with of working office and working at home. Unfortunately, people who work in manufacturing cannot work at home.

    Hence, not much people want to work in manufacturing. Manufacturing is a long continuous job and has no time to rest and go home. US cannot compete on price of its manufactured products and hence depends on cheaper imports, instead. With inflation
    already risen, US manufacturing has to carry up more costs to get ahead.

    --- SoupGate-Win32 v1.05
    * Origin: fsxNet Usenet Gateway (21:1/5)