U.S. Industrial Investment and Interest Rate Cuts May Spur a Manufacturing Rebound

Washington, D.C. - U.S. factories lost 7,000 jobs in September, according to data released by the Bureau of Labor Statistics on Friday.

"The weak September jobs report for manufacturing is the latest stark reminder of the necessity for the Federal Reserve's recent interest rate cut," Alliance for American Manufacturing President Scott Paul said. "I'm hopeful that we're turning a corner now."

The Federal Reserve reduced interest rates by half a percentage point on Sept. 18 and has signaled plans for two additional, more gradual rate cuts.

"With new factories being built across the country to make semiconductors, solar panels, electric vehicles, batteries, and more, there's a lot to be optimistic about. It's vital that we see these investments through," Paul said.

Since President Biden took office, private companies have announced investments totaling $910 billion in U.S. manufacturing.

Alliance for American Manufacturing President Scott Paul is available for interview.