Sure, but it's seemingly doing less and less. "Value Added by Industry: Manufacturing as a Percentage of GDP" has been going downwards for a long long time, here is the last twenty years: https://fred.stlouisfed.org/series/VAPGDPMA
I don’t think you can take “percentage of GDP” as an indication that the US is doing less. It could be doing the same amount while the GDP grew tremendously in other areas, for example software.
This is roughly 2.9% a year over 20 years, so slightly ahead of inflation over the period.
To me this points to a story where manufacturing grew slightly but the other parts of the economy grew a lot more. Not exactly a bear case on manufacturing, but not a tremendously exciting one either.
At the end of the day the reason people see manufacturing as special is because in a war it is a strategic resource. If this wasnt the case nobody would care about "manufacturing jobs" any more than the general economy. So if you use defence production as your metric... "U.S. Navy Shipbuilding Is Consistently Over Budget and Delayed Despite Billions Invested in Industry"
embedding-shape|5 days ago
moregrist|4 days ago
And if you look at the absolute contribution in dollars, manufacturing has gone up 1.76 times between 2005 and today: https://fred.stlouisfed.org/series/USMANNQGSP
This is roughly 2.9% a year over 20 years, so slightly ahead of inflation over the period.
To me this points to a story where manufacturing grew slightly but the other parts of the economy grew a lot more. Not exactly a bear case on manufacturing, but not a tremendously exciting one either.
Gud|4 days ago
bad_haircut72|4 days ago
https://www.gao.gov/blog/u.s.-navy-shipbuilding-consistently...