
According to the Bureau of Labor Statistics (BLS),3 there are:
3,233,406
manufacturing businesses
12,850,000
manufacturing jobs
Additionally, according to the most recent data, revenue for all manufacturing reached $2.3 trillion and accounted for 11.6% of U.S. economic output in 2018. Manufacturing continues to be a cornerstone of the U.S. economy; however, a number of high-level economic, employment and technology trends continue to influence and disrupt the sector.
Exposures, precautions and lines of coverage that may apply in the manufacturing industry.
Recommended lines of coverage: general liability, product liability, equipment breakdown, inland marine, property, workers' compensation, commercial auto and cyber liability
2 "About the Manufacturing sector," www.bls.gov/iag/tgs/iag31-33.htm#about (March 20, 2020).
3 "Workforce Statistics," www.bls.gov/iag/tgs/iag31-33.htm#workforce(March 20, 2020).
4 "2020 Manufacturing Industry Outlook," www2.deloitte.com/us/en/pages/energy-and-resources/articles/manufacturing-industry-outlook.html (2019).
5 "US Manufacturing Statistics and Outlook," Kimberly Amadeo for The Balance, www.thebalance.com/u-s-manufacturing-what-it-is-statistics-and-outlook-3305575 (Oct. 22, 2019).
6 "U.S. manufacturers say tariffs pushing prices higher: Fed," Jason Lange, reuters.com/article/us-usa-fed-beigebook/us-manufacturers-say-tariffs-pushing-prices-higher-fed-idUSKCN1MY2LF (Oct. 24, 2018).
7 "How Tariffs Hurt Manufacturing," wsj.com/articles/how-tariffs-hurt-manufacturing-11577752265 (Dec. 30, 2019).
8"How Manufacturers Will Tackle the Talent Shortage in 2019," Cindy Bolt for Industry Week, industryweek.com/talent/article/22026861/how-manufacturers-will-tackle-the-talent-shortage-in-2019 (Dec. 19, 2018).
9https://us.hitachi-solutions.com/blog/top-manufacturing-trends/
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