As 2014 drew to a close, the U.S. economy continued to expand. According to the Bureau of Labor Statistics, 2.9 million new payroll jobs were added for the December 2013 to December 2014 period, and unemployment fell to 5.7 percent. Fourth quarter GDP growth registered a revised 2.2 percent (down from the third quarter’s 5 percent growth rate). GDP growth for 2014 overall was reported at 2.4 percent, and the Bureau of Economic Analysis expects it to average more than 3 percent in 2015 — about 50 percent faster than the 2.2 average growth since the economic recovery began in 2009. Manufacturing also remains strong as evidenced by the sector’s expansion in December 2014 for the 19th consecutive month, as reported by the Institute for Supply Management (ISM).
The Boston Consulting Group’s latest research confirms manufacturing executives’ confidence in the U.S. economy. Some 16 percent of the 252 decision-makers at companies with sales of billion or more who were surveyed by BCG said they are already bringing production back from China to the U.S. — up from 13 percent the previous year. In fact, respondents to BCG’s survey said that the U.S. would account for an average of 47 percent of their total production within five years.
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