Factory Sector Ties Job Losses to Strong Dollar
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A leading U.S. manufacturing industry group said misaligned global exchange rates are the main cause of job losses in the nation’s factory sector.
The National Assn. of Manufacturers, in its report on the “State of the American Workforce,” said the dollar is 15% overvalued compared with other currencies. The dollar’s strength makes U.S. products more expensive abroad.
More than 2.7 million manufacturing jobs in the U.S. have been lost in the last 36 months.
Manufacturers expect the economy’s growth to pick up to 3.7% in 2004 from a forecast of 2.9% this year.
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