Manufacturers Concerned with Slowdown in Economic Recovery

Washington, DC, 07/30/10 - The latest economic report on gross domestic product (GDP) shows that the pace of our nation’s recovery has slowed to 2.4 percent from 3.7 percent in the first quarter. The slowdown is further evidence of the fragile state of the economy and the urgent need for policies that encourage job creation and competitiveness. The National Association of Manufacturers (NAM) today reiterated its call for Congress, candidates for office and opinion leaders to support and publicly endorse the NAM’s comprehensive Manufacturing Strategy.

Factors that contributed to the second-quarter slowdown included very modest growth in consumer spending and less support from inventories. The report also showed a surge in imports, highlighting the fierce competition that U.S. manufacturers face in selling products overseas and in our domestic market.

“We think this country needs a battle plan, which is why we released our comprehensive ‘Manufacturing Strategy for Jobs and a Competitive America’. There is a great deal of uncertainty in today’s business environment – from tax, trade and energy policy to health care reform and new regulations – and this uncertainty is hurting manufacturers’ ability to create jobs,” said NAM President and CEO John Engler. “The manufacturing sector has led the recovery to date and is crucial in our continued economic security and prosperity. To compete, we need to move forward with the comprehensive approach outlined in our Manufacturing Strategy. We can not afford new burdens and added cost.”