The NAM has released its 11th annual Labor Day Report. Facing Up To The Challenge: Trade Energy and the Economy focuses on the current state of the American worker. Sluggish domestic demand, chiefly due to high energy prices and an ongoing housing recession, have caused employment to decline continuously throughout the first seven months of the year. The construction sector and a number of manufacturing industries have been hit hard.
Amid these significant challenges, the one bright spot continues to be exports, which have accounted for more than half of total economic growth during the first half of this year. The report calls for a comprehensive national energy strategy that both boosts domestic production and exploration of energy resources as well as increases energy efficiency. The result will be reduced dependence on foreign sources of energy, lower energy prices and higher disposable incomes for American workers.
The report also calls for policy makers to aid U.S. exports (which are manufacturing jobs) by passing the three Free Trade Agreements (with Colombia, Panama and South Korea) that are awaiting Congressional Approval on Capital Hill.