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.
In this summary, you will learn
- What the remarkable rebound in US manufacturing portends;
- How US dollar depreciation, domestic energy growth and labor cost reductions have all helped boost industrial output; and
- How manufacturing will affect US GDP in the future.
About the Authors
Oya Celasun, Gabriel Di Bella, Tim Mahedy and Chris Papageorgiou are economists at the IMF.