Eye on: The trade deficit

The U.S. trade deficit in 2023 was the narrowest in three years and down a whopping 18.7% from the prior year, which was the biggest deficit since 1960, according to data from the U.S. Commerce Department. A closer look at the figures:

Source: U.S. Department of Commerce

Impact of Friendshoring:

In 2023, for the first time in 20 years, annual U.S. imports from Mexico surpassed those from China as the Biden Administration pursued “friendshoring” or “nearshoring” of the U.S. supply chain. Experts warn that there could be a ceiling on imports from Mexico, however, as the nation lags in necessary energy supply and infrastructure. One-third of U.S. imports come from just three countries: Mexico, China and Canada.

4th

Wisconsin’s national ranking among U.S. states utilizing robotics in manufacturing; all top five states were located in the Midwest, including Iowa (1), Michigan (2), Kansas (3) and Minnesota (5)

Source: National Bureau of Economic Research

64%

The percentage of U.S. manufacturing companies reporting cloud infrastructure attacks in 2023 — the most of any industry, as surveyed by Texas-based cybersecurity vendor Netwrix

Source: Netwrix Research Lab

3.1%

Projected worldwide global gross domestic product growth forecast for 2024 by the International Monetary Fund, representing the same projection as last year

Source: Institute for Supply Management

34.1 hours

The average length of the American work week in January 2024, down from 34.3 hours in December; overall, the average work week is down half an hour over the previous year and represents the shortest since 2010, outside the pandemic recession

Source: ZipRecruiter

The door is open

A recent survey of 1,000 Americans conducted by the global safety technology firm Soter Analytics gauged attitudes about supply chain and industrial opportunities, including respondents’ willingness to work in fields like manufacturing, warehousing, last-mile delivery and construction.

Percentage open to working in manufacturing, by category:

79% of people aged 35-44

69% of people aged 25-34

68% of people aged 16-24

54% of Americans overall