Manufacturing facts: The sector has improved living standards

04/30/2013

This week's excerpt from The Facts About Modern Manufacturing: Manufacturing has substantially increased American consumers' standard of living. Strong productivity gains, rapid advances in innovation and international competition have led to deflation in manufactured goods, caused primarily by the dramatic quality improvement in computers and a corresponding reduction in prices of electronics. Between 1995 and 2011, manufacturing prices have hardly changed as the overall price level increased by 39%. Manufacturing Facts

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