Report: Florida lost about 114,000 jobs due to U.S.-China trade deficit
According to new research from the Economic Policy Institute, about 2.8 million U.S. jobs were “eliminated or displaced” since 2001 because of the growing U.S.-China trade deficit. A Florida-based policy group reports that Florida alone shed about 114,000 jobs.
The Collins Center for Public Policy reports that, according to the Policy Institute’s research, Florida had a net loss of 114,000 jobs between 2001 and 2010. The hardest hit parts of the state were South Florida, the Tampa Bay area and East Central Florida, according to the Collins Center.
According to the Economic Policy Institute report:
The trade deficit with China grew from $84 billion in 2001, when China entered the WTO, to $278 billion in 2010. It eliminated or displaced 2,790,100 jobs, or about 2% of total U.S. employment over that period. The biggest net losses, in terms of the total number of jobs displaced, occurred in California, Texas, New York, Illinois, Florida, North Carolina, Pennsylvania, Ohio, Massachusetts and Georgia. In ten states, the jobs lost or displaced exceeded 2.2% of total employment. These states are New Hampshire, California, Massachusetts, Oregon, North Carolina, Minnesota, Idaho, Vermont, Colorado and Rhode Island.
Of the nearly 2.8 million jobs lost or displaced, 1.9 million of them were in manufacturing. These jobs represent nearly half of all U.S. manufacturing jobs lost between 2001 and 2010. The largest share of manufacturing jobs lost or displaced were in computer and electronic parts, at 909,400 jobs, or 32% of all jobs lost or displaced. Other hard-hit sectors of the manufacturing industry were apparel and accessories, textile fabrics and products, fabricated metal products, plastic and rubber products and motor vehicles and parts. Service industries, including administrative, support and waste management services experienced significant job displacement.
Florida’s most recent jobs report shows that unemployment remained unchanged from one month to the next. In August, Florida also had the second highest number of mass layoffs in the nation and many of Florida’s largest cities are struggling to rebound from the recession.
Recently, President Obama introduced the American Jobs Act, which he claims could bring thousands of education and infrastructure jobs to the state. Economists are already saying the bill might help prevent another recession, which austere state budget cuts in states like Florida are making more possible.
However, Florida policy-makers are already dismissing the president’s jobs plan.