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Monday, April 16, 2012

Economists Warn That Manufacturing Alone Can’t Save Economy

Delisa Scales touches up locks inside Master Lock company in Milwaukee, Wis. (AP)

Earlier this month, the Wall Street Journal advised investors who put money in emerging markets like China in recent years to consider another country with a growing manufacturing sector– One that boasts skilled workers, cheap and abundant energy, stable institutions and a middle class that loves to buy things.

That country, is the United States. In March, manufacturing grew for the 32nd straight month, accounting for 37,000 of the 120,000 jobs added. And from the state house to the White House, U.S. factories are being pelted with tax breaks and incentives.

But some economists warn policy makers not to put all their recovery eggs in the manufacturing basket because even as manufacturing jobs are coming back the sector will provide far fewer jobs than are needed to make a real dent in the unemployment numbers.

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