Huntington Economist Expects Manufacturing Employment Rise

APR 8, 2011 - 10:27 am

Robust manufacturing job growth is expected this year with more than 102,000 manufacturing jobs already added in the first quarter, according to a U.S. economic forecast released by George Mokrzan, senior economist for Huntington.

“We have seen the strongest overall growth in manufacturing since 2004,” said Mokrzan. “This year, we have also seen the largest increase in manufacturing jobs since the early 1970s.”

However, the U.S. economy remains vulnerable to geopolitical factors, such as rising oil prices, political unrest in the Middle East and the ongoing crisis in Japan.

The following are additional highlights from Mokrzan’s forecast:

Slow-Down in Japan – Worldwide economic growth is expected to be slower this year because of Japan’s earthquake/tsunami crisis. In particular, Japan, the third largest economy in the world, was a premier producer of manufactured products. This will impact supply chains worldwide.

More exports – Export growth will likely continue to drive economic expansion, even with logistical issues in Japan. In January, exports to Japan represented only 4.7% of the U.S.’s total exports.

Stabilizing U.S. dollar – The U.S. dollar should get stronger against major currencies later this year, thanks to improved economic growth and eventual monetary policy tightening.

To read the report click here.

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