NAM Predicts Strong Year for Manufacturing Sector
he National Association of Manufacturers on Thursday projected manufacturing production to increase 6.1% this year, its fastest pace in five years.
Manufacturing grew only 1.4% in 2003, but the growth in 2004 will be fueled by the weaker dollar, increasing exports, rising business investment and a buoyant U.S. economy, NAM said in a statement.
"After one of the most sluggish recoveries from recession on record, we at long last see compelling evidence of strong recovery in the economy based on a strengthening manufacturing sector,” said NAM President Jerry Jasinowski.
The administration is making a long-term commitment to the Manufacturing Extension Partnership, a network of assistance centers around the country for manufacturers. President Bush proposed phasing out federal support for it last year, the Journal said.
The partnership provides technical expertise to small and midsize manufacturers. It was created in 1988 and is a network of 60 nonprofit centers and 400 satellite offices that help manufacturers who want to adopt new processes and technologies.
Commerce Secretary Don Evans said the president's new budget will propose holding funding for the partnership flat, but that the administration now envisions making a sustained commitment to the program, the article said.
In its release, NAM said most manufacturing industries would add jobs this year, with an increase of 250,000 jobs likely by the end of the year.
NAM also said the weaker dollar and greater demand overseas would help boost exports by 9% in 2004, up from 2.6% in 2003.
