The NAM’s Labor Day Report has now been made public, with the news release available here, and the full report accessible here. The ninth-annual report contains a world of fascinating data about the state of the U.S. economy, manufacturing, and the American worker. There’s some good news — the economy is growing, manufacturing production is up — and some troubling news: Energy costs rose 23 percent this last year, causing workers’ real wages to decline by an average of 0.5 percent across the entire economy (although total compensation increased).
In a just-completed and well-attended news conference, NAM President John Engler described the soaring costs of energy as a real threat to the U.S. economy:
Rising energy costs are clobbering workers’ paychecks. Congress and the Administration need to recognize, we must act or the cost of energy will continue to impair America’s economic growth, hurt its manufacturing base, and shrink employee wages.
On behalf of NAM and the workers both, he called for a comprehensive national strategy to address domestic energy supply and demand.
As noted, we saw high media interest in the report, so we’ll link to some of the coverage over the next day or two. Thanks to Chief Economist David Huether for his analysis and hard work.
[Update by Blogger’s Apprentice 12:37 PM]: In case you’re dying to see what happened during the press conference, here’s a link to watch the video of the event.