Net U.S. jobs created or displaced by eliminating currency manipulation, by industry, 2015*
| Scenario** | ||||||
|---|---|---|---|---|---|---|
| Low impact | High impact | |||||
| Net jobs gained/lost | Jobs gained/lost as share of industry employment (2011 average) | Jobs gained/lost as share of job gains across industries | Net jobs gained/lost | Jobs gained/lost as share of industry employment (2011 average) | Jobs gained/lost as share of job gains across industries | |
| Agriculture, forestry, and fisheries | 246,800 | 12.6% | 10.7% | 486,100 | 24.9% | 8.4% |
| Mining | 7,400 | 1.0% | 0.3% | 53,000 | 6.9% | 0.9% |
| Oil and gas | -24,900 | -29.6% | -1.1% | -11,400 | -13.5% | -0.2% |
| Minerals and ores | 32,400 | 4.7% | 1.4% | 64,400 | 9.4% | 1.1% |
| Utilities | 18,600 | 1.5% | 0.8% | 45,000 | 3.7% | 0.8% |
| Construction | 13,400 | 0.2% | 0.6% | 54,400 | 0.6% | 0.9% |
| Manufacturing | 891,500 | 6.1% | 38.8% | 2,337,300 | 15.9% | 40.3% |
| Nondurable goods | -65,300 | -2.7% | -2.8% | 85,900 | 3.6% | 1.5% |
| Food and kindred products | 54,100 | 3.4% | 2.4% | 119,700 | 7.6% | 2.1% |
| Beverage and tobacco products | 2,300 | 1.0% | 0.1% | 8,800 | 3.7% | 0.2% |
| Textile mills and textile product mills | 8,000 | 2.9% | 0.3% | 34,100 | 12.4% | 0.6% |
| Apparel and accessories | -107,400 | -39.4% | -4.7% | -66,000 | -24.2% | -1.1% |
| Leather and allied products | -22,200 | -46.5% | -1.0% | -10,800 | -22.6% | -0.2% |
| Industrial supplies | 206,900 | 5.6% | 9.0% | 477,300 | 12.9% | 8.2% |
| Wood products | 9,100 | 2.4% | 0.4% | 28,000 | 7.4% | 0.5% |
| Paper | 29,100 | 7.3% | 1.3% | 63,400 | 16.0% | 1.1% |
| Printed matter and related products | 17,000 | 2.9% | 0.7% | 36,700 | 6.3% | 0.6% |
| Petroleum and coal products | 7,700 | 3.6% | 0.3% | 16,200 | 7.5% | 0.3% |
| Chemicals | 87,800 | 7.0% | 3.8% | 189,000 | 15.1% | 3.3% |
| Plastics and rubber products | 42,700 | 9.1% | 1.9% | 106,100 | 22.7% | 1.8% |
| Nonmetallic mineral products | 13,500 | 3.3% | 0.6% | 38,100 | 9.3% | 0.7% |
| Durable goods | 749,900 | 8.7% | 32.6% | 1,774,100 | 20.7% | 30.6% |
| Primary metal | 59,500 | 11.2% | 2.6% | 138,500 | 26.1% | 2.4% |
| Fabricated metal products | 104,200 | 9.0% | 4.5% | 251,800 | 21.8% | 4.3% |
| Machinery, except electrical | 170,500 | 14.4% | 7.4% | 353,900 | 29.8% | 6.1% |
| Computer and electronic parts | 127,600 | 10.1% | 5.5% | 338,000 | 26.7% | 5.8% |
| Computer and peripheral equipment | 12,300 | 5.5% | 0.5% | 48,800 | 21.9% | 0.8% |
| Communications, audio, and video equipment | -2,500 | -1.5% | -0.1% | 25,700 | 15.1% | 0.4% |
| Navigational, measuring, electromedical, and control instruments | 52,500 | 25.1% | 2.3% | 107,100 | 51.2% | 1.8% |
| Semiconductors and other electronic components and magnetic and optical media production | 65,300 | 9.8% | 2.8% | 156,400 | 23.6% | 2.7% |
| Electrical equipment, appliances, and component | 33,900 | 8.2% | 1.5% | 90,800 | 21.9% | 1.6% |
| Transportation equipment | 164,100 | 8.2% | 7.1% | 352,400 | 17.6% | 6.1% |
| Motor vehicles and parts | 47,000 | 4.5% | 2.0% | 140,400 | 13.4% | 2.4% |
| Aerospace product and parts | 108,900 | 15.0% | 4.7% | 195,500 | 27.0% | 3.4% |
| Railroad, ship, and other transportation equipment | 8,200 | 3.7% | 0.4% | 16,500 | 7.4% | 0.3% |
| Furniture and fixtures | -9,200 | -2.2% | -0.4% | 5,300 | 1.3% | 0.1% |
| Miscellaneous manufactured commodities | 99,400 | 6.2% | 4.3% | 243,300 | 15.1% | 4.2% |
| Wholesale trade | 0 | 0.0% | 0.0% | 0 | 0.0% | 0.0% |
| Retail trade | 0 | 0.0% | 0.0% | 0 | 0.0% | 0.0% |
| Transportation | 113,000 | 2.0% | 4.9% | 275,200 | 4.8% | 4.7% |
| Information | 26,000 | 0.9% | 1.1% | 65,400 | 2.2% | 1.1% |
| Finance and insurance | 75,500 | 1.1% | 3.3% | 188,100 | 2.8% | 3.2% |
| Real estate and rental and leasing | 43,400 | 1.7% | 1.9% | 109,800 | 4.2% | 1.9% |
| Professional, scientific, and technical services | 140,300 | 1.5% | 6.1% | 357,100 | 3.9% | 6.2% |
| Management of companies and enterprises*** | 68,500 | 62.4% | 3.0% | 174,200 | 158.8% | 3.0% |
| Administrative and support and waste mgmt. and remediation services | 166,700 | 2.8% | 7.2% | 413,900 | 7.0% | 7.1% |
| Education services | 36,400 | 0.3% | 1.6% | 93,200 | 0.7% | 1.6% |
| Health care and social assistance | 167,900 | 0.9% | 7.3% | 430,600 | 2.2% | 7.4% |
| Arts, entertainment, and recreation | 31,600 | 1.1% | 1.4% | 80,600 | 2.7% | 1.4% |
| Accomodation and food services | 142,500 | 1.4% | 6.2% | 358,600 | 3.5% | 6.2% |
| Other services | 99,800 | 1.4% | 4.3% | 251,400 | 3.6% | 4.3% |
| Government | 10,300 | 0.1% | 0.4% | 26,000 | 0.4% | 0.4% |
| Total | 2,300,000 | 1.6% | 100.0% | 5,800,000 | 4.1% | 100.0% |
*The table estimates the effects of ending currency manipulation over three years, modeled as having begun in 2013.
**The low-impact scenario assumes ending currency manipulation would reduce the trade deficit by $200 billion in 2015 relative to the trade deficit in 2012; the high-impact scenario assumes a $500 billion reduction in the trade deficit.
***Shares are based on Current Population Survey definition of industries; the Bureau of Labor Statistics' establishment survey (BLS 2013b) reports that 1,891,000 workers were employed in "Management of companies and enterprises" (NAICS 55), on average, in the 2009–2011 period (see text for details). The reported gains in employment in this sector represented 3.6 percent to 9.2 percent of employment in NAICS 55 in this period.
Source: Author's analysis of the American Community Survey (U.S. Census Bureau 2013), U.S. International Trade Commission (2013), Congressional Budget Office (2013a and 2013b), Bivens (2011), Bivens and Edwards (2010), Kondo and Svec (2009, 10), Bureau of Labor Statistics (2013d), Bureau of Labor Statistics Employment Projections program (BLS-EP 2011a and 2011b), and Zandi (2011). For a more detailed explanation of data sources and computations, see text and the appendix.
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