Leasing Business Down Because Manufacturing is Down
According to the National Association of Manufacturers (NAM), a declining
base in the sector could cause the nation's economic growth to slow by 50
percent, which would in turn reduce living standards.
The group is concerned about a loss of research and development work performed at many factories because contributions to the country's growth from these
facilities affect the country's ability to grow. Moreover, the association
says that drops in employment and capital spending are further injuring the
sector despite indications that the economy is recovering.
The National Association of Manufacturing president Jerry Jasinowski says that the Bush administration needs to place more effort into protecting the sector from foreign competition until the economy recovers, especially forcing China to peg its currency to the U.S. dollar. It also appears the financial industry will be
expanding manufacturing interests in China as noted in recent press releases
of new affiliations and acceptance on the mainland.
Economist Joel Popkin notes in the National Association of Manufacturing
announcement/press release that the manufacturing sector's health is vital to the economy because it produces more jobs than any other sector.