For the past century or so, America's power has grown concurrently with its investment in manufacturing and innovation, which fueled the nation's economy and provided millions of jobs to permanent and contract workers.
However, in recent years, manufacturing has slowed. In fact, a recent study from the Philadelphia Federal Reserve Bank revealed a staggering drop in manufacturing matched by an equally significant fall in unemployment.
In August, activity, shipments and new orders plummeted from their July readings. Furthermore, 29 percent of respondents said shutdowns or slowdowns had been enacted during the summer months.
"Manufacturers turn innovations from our universities and national laboratories into commercial products, driving growth, attracting investment, and creating jobs," The Philadelphia Inquirer reports. "Without a robust and diversified domestic manufacturing base, too many American innovations will be commercialized overseas."
The article notes that steps have been taken by the Obama administration to reengage with this sector, including whitepapers on innovation and manufacturing, the Advanced Manufacturing Partnership and a new position – assistant for manufacturing.
