U.S. exports are up, but jobs don't follow
Manufacturing leads boom, but companies aren't itching to hire
Patrice Hill, The Washington Times
September 13, 2011
Exports have been a rare strength and engine of growth in the U.S. economic recovery, aided by a big push from the Obama White House but despite the positive signs, the sector has not proven to be the plentiful source of new jobs that many supporters had hoped.
An unexpectedly good performance of exports, which reached a record high of $178 billion in July, last week prompted economists to increase their estimates of U.S. growth in the first half of the year by as much as half a percentage point from earlier reported anemic levels under 1 percent. Thats no small feat when other parts of the American economy, including housing and consumer spending, are stagnant or in decline.
The double-digit growth in exports during the recovery has been nurtured by White House policies of promoting American business interests overseas as well as a pronounced weakening of the dollar, which has made U.S. goods cheaper and more competitive in fast-growing overseas markets.
The White House has even made some headway pushing China to allow its currency to rise against the dollar, helping to make China the fastest growing market for U.S. goods.
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