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The Department of Labor reported this morning that America's manufacturing sector lost 17,000 jobs in August.
The #AAMeter, which tracks President Obama's promise to create 1 million new manufacturing jobs in his second term, decreased to +382,000 jobs, after revisions to previous months' data.
“That was a terrible jobs report for manufacturing. Asian currency devaluations, an overly strong dollar, and weakness in China are all taking their toll on factory jobs. Developments in September could make matters even worse.
Will the Obama Administration hold China accountable for cheating, or instead offer even more concessions when President Xi Jinping visits? Will the Federal Reserve raise rates, which could make our exports less competitive? Will China and other Asian economies continue their path of devaluing currencies?
Manufacturing is more exposed to the global economy than other sectors, so those policy interventions are critically important," said Alliance for American Manufacturing president Scott Paul.