US econ resilient - rising manufacturing sector

Glassman et al 10/26 (Jim, Managing Director and Head Economist

for Commercial Banking, http://blionline.org/2015/10/dig-deep-andyoull-find-evidence-of-a-resilient-u-s-economy/, )
There are plenty of reasons to be pessimistic about the U.S. economy
lately. The number of jobs created in September was a full 25 percent
lower than what many economists were expecting. More than 13
percent of 18- to 29-year-olds are unemployed, according to a national,
non-partisan youth advocacy organization. Policy makers say they
have little confidence in their ability to prevent another financial crisis,
according to the New York Times. But dont pack your bags and move
to Canada just yet. Our economic outlook might not be as gloomy as it
seems. Thats according to Jim Glassman, a CPA and a senior
economist for Chase Commercial Bank. Glassman opened the AICPAs
2015 Global Manufacturing Conference by offering a couple of eyeopening lessons on the supposedly struggling U.S. economy:. Not all

economic indicators are created equal. Popular

metrics like unemployment and gross domestic
product dont tell the whole story. Theyre guesswork
Glassman prefers data that actually measures
something. Take jobless claims. Theyre the real deal, Glassman
said. They tell us whats going on. The beautiful thing about
jobless claims is that with one look, I know what
happened across American last week. The point is
this: Pay attention to the rightnumbers, not the
popular ones. Manufacturers say its harder than
ever to find employees with the right skills. That
might sound like a bad thing, but Glassman isnt
sure. The fact that U.S. manufacturers are searching
hard for employees with the right skills means that
U.S. manufacturing is on the rise. The demand for
skilled manufacturers is high. Its time for the supply
to follow suit. Perhaps the biggest lesson of all,
Glassman said, is this: The U.S. economy is very
resilient. It takes an awful lot to derail us. Patricia
Panchak agrees. Despite what naysayers and politicians would have
you believe, the editor-in-chief of Industry Week says

manufacturing remains the backbone of the

U.S. economy. Manufacturing is the most
interesting, innovative, dynamic industry we have,
Panchak said. It constantly changes. Its just getting started. The
point being made over and over again at the
conference was this: Manufacturing isnt dead. Far
from it. We just need to recognize the innovation that
manufacturing brings to the table. We cant build
new things if we dont invent them first, Panchak said. We
cant create if we dont innovate. Manufacturing is the byproduct of
innovation. The two are inseparable. If we want to turn the United
States into a manufacturing giant again, we first have to turn it into an
innovation giant. Innovation requires learning. Learning today means
getting social. It means connecting with the people and resources that
add value to our lives. Is it possible that todays U.S. economy depends
on social business? I dont know if anyone else is making that
argument, but I certainly am.