Sector watch – Manufacturing
The manufacturing industry, especially auto manufacturing, has really been under the microscope in recent weeks as Congressional hearings regarding a bailout for the sector took place. 2008 proved to be another challenging year for the manufacturing industry, which lost almost 800,000 jobs in the past 12 months. In addition, the unemployment rate for the sector rose to 8.3% from 4.6% in 2007. Despite this recent turmoil, the manufacturing industry continues to employ a large portion of the U.S. workforce – over 12 million workers – and will be a key player in helping with proposed green initiatives and infrastructure projects that are currently on the new administration’s agenda.