WASHINGTON -- National Association of Manufacturers (NAM) President and CEO Jay Timmons issued this statement today following the release of the October employment report:
“October’s meager uptick sandwiched between months of job loss and the looming fiscal cliff continues the troubling one step forward, two steps back trend. This report is more evidence that the economy is stuck in neutral, and we desperately need leaders to champion policies that will support job creation and grow the economy. Manufacturers are increasingly worried that the unemployment rate, coupled with Washington’s failure to address the fiscal cliff, has already dampened GDP by 0.6 percentage points this year, as shown in the NAM’s Fiscal Shock report released last week. Alarmingly, falling off the cliff will lead our economy into a recession in 2013, with nearly 6 million jobs lost through 2014.
Manufacturers need leadership and action from Washington to avert the fiscal cliff and create jobs at a level that will significantly bring down the unemployment rate. On Tuesday, voters will decide the direction of our economy, and the 12 million people who work in manufacturing will make their voices heard because America’s economy is at stake.”
The National Association of Manufacturers is the largest manufacturing association in the United States, representing manufacturers in every industrial sector and in all 50 states. Manufacturing has a presence in every single congressional district providing good, high-paying jobs. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.