## The U.S. Manufacturing Recovery: Uptick or Renaissance?

_IMF Working Papers, February 12, 2014_

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## Bibliographic details
- Authors: Oya Celasun, Gabriel Di Bella, Tim Mahedy, Chris Papageorgiou
- Published: February 12, 2014
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781484301821.001

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### Research scope and methodology
- Authors: Oya Celasun, Gabriel Di Bella, Tim Mahedy, Chris Papageorgiou
- Date: February 12, 2014
- Method: panel regressions
- Pages: 24
- Series and identifiers:
  - Working Paper No. 2014/028
  - Issue: 028
  - DOI: https://doi.org/10.5089/9781484301821.001
  - ISBN: 9781484301821
  - ISSN: 1018-5941

### Key empirical findings
- The rebound of U.S. manufacturing activity following the Great Recession is analyzed using panel regressions.
- Factors found to have a positive impact on U.S. manufacturing production:
  - a depreciating real exchange rate
  - an increasing spread in natural gas prices between the United States and other G-7 countries
  - decreasing unit labor costs (highlighted as particularly influential)
- The analysis suggests it is unlikely for manufacturing to become a main engine of growth in the United States.
- U.S. manufacturing exports are identified as a potential source of nonnegligible growth opportunities going forward.

### Subjects and topical focus
- Economic sectors; Financial crises; Foreign exchange; Fuel prices; Global financial crisis of 2008-2009; Labor; Labor costs; Manufacturing; Personal income; Prices; Real effective exchange rates.

### Keywords and thematic elements
- Asia and Pacific, cost, durable and nondurable subsectors, durable goods, durable goods production, exchange rate, Fuel prices, Global, Global Financial Crisis, Global financial crisis of 2008-2009, growth, Labor costs, Manufacturing, nondurable goods, per capita income, price, production, Real effective exchange rates, shale gas, share of U.S., U.S relative, U.S. manufacturing sector, unit labor cost, WP

*Source: IMF Working Paper — "The U.S. Manufacturing Recovery: Uptick or Renaissance?", February 12, 2014.*

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_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-u-s-41343_