The National Institute of Standards and Technology’s (NIST) 2023 report on the U.S. Manufacturing Economy focuses on comparing U.S. industry to other countries, trends in the domestic sector, and industry trends compared to other countries. The report highlights the U.S. as a major manufacturing nation but notes that other countries are rising rapidly.
In 2021, the global manufacturing value added was approximately $14.5 trillion, with the U.S. accounting for about $2.4 trillion (16.3%). The U.S. performance is compared with that of other major manufacturing countries, emphasizing the need for strategic resource placement to enhance competitiveness. It was noted that the U.S. falls below the 50th percentile in 25-year growth but just above the 50th percentile in 5-year growth.
The report discusses the decline in labor productivity in manufacturing and the challenges in measuring productivity accurately, especially in international comparisons. The U.S. ranks highly in specific innovation measures like patent applications but lower in others like researchers per capita and journal article publications. Various indices show mixed results for the U.S. regarding research, innovation, and business conditions.
The report covers the types of goods produced in the U.S., economic disruptions like the 2008 recession and the COVID-19 pandemic, and the details of the manufacturing supply chain. It touches upon the safety, compensation, and profits in manufacturing and notes the significant decline in manufacturing employment.
The report also delves into the capital stock in manufacturing, reflecting investment in machinery, buildings, and intellectual property. It highlights the growth in specific sectors and the challenges in others.
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