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Article: Against all the odds, American factories are coming back to life. Thank the rest of the world for that - Essay Example

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It clearly shows a much improved state than that existing a few years ago and owes this development to the rising demand from transition economies thus truly…
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Article: Against all the odds, American factories are coming back to life. Thank the rest of the world for that
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Article: Against all the odds, American factories are coming back to life. Thank the rest of the world for that

Download file to see previous pages... This is the very essence of the present article which has been briefly reviewed underneath.
USA had been the worst hit by the subprime crisis which spanned approximately between December, 2007 and June, 2009. It shook the economy through affecting some of its pillaring sectors such as manufacturing, automobiles and real estate so that little possibilities were left of the economy recovering by itself. People did not have access to ample funds or credit so that creation of demand was severely low during the phase.
The number of houses being sold by the end of September, 2007, dropped down to a 12-year low with the median house price being slashed by a whooping 13% (Chandra, 2007). A slowing economy took its toll upon the employment rate of the nation which was recorded at a five-year low of 6.1% on May, 2008. The hardest hit among all sectors had been the manufacturing sector which alone had to shed off 61,000 out of a total 84,000 job cuts (Kirchhoff, 2008).
The present situation is that of recovery where a chunk of the manufacturing sector is reviving fast owing to increased demand coming from various emerging markets. The neighboring economy of Mexico, for instance, is responsible for 71% of USA’s export figures. The present scenario promises of an economic boom not far ahead with the growth in manufacturing output meagerly 5% lower than the 2007 figures. The nation’s gross exports and business investment rates have, on the other hand, are at par with 2007 records (The Economist, 2011). This development is also spurring labor demand in the economy which is believed to hike the employment rate in the nation.
The present review helped to compare the situation prevailing in USA between 2007 and 2009 and its current state. It clearly shows a much improved state than that existing a few years ago and owes this development to the rising demand from ...Download file to see next pagesRead More
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