alt Hacker NewsSure, but it's seemingly doing less and less. "Value Added by Industry: Manufacturing as a Percentage of GDP" has been going downwards for a long long time, here is the last twenty years: https://fred.stlouisfed.org/series/VAPGDPMA
Sure, but it's seemingly doing less and less. "Value Added by Industry: Manufacturing as a Percentage of GDP" has been going downwards for a long long time, here is the last twenty years: https://fred.stlouisfed.org/series/VAPGDPMA
I don’t think you can take “percentage of GDP” as an indication that the US is doing less. It could be doing the same amount while the GDP grew tremendously in other areas, for example software.
And if you look at the absolute contribution in dollars, manufacturing has gone up 1.76 times between 2005 and today: https://fred.stlouisfed.org/series/USMANNQGSP
This is roughly 2.9% a year over 20 years, so slightly ahead of inflation over the period.
To me this points to a story where manufacturing grew slightly but the other parts of the economy grew a lot more. Not exactly a bear case on manufacturing, but not a tremendously exciting one either.