Obama to propose measures to spur manufacturing
President Barack Obama said that he plans to propose measures that are aimed at increasing manufacturing employment, fostering the development of energy and ensuring that "everybody plays by the same set of rules," according to Bloomberg.
The news source reported that Obama plans to outline policies to create "more good jobs" at U.S. manufacturers and rebuild "an economy where hard work pays off and responsibility is rewarded and an America where everybody gets a fair shot, everyone does their fair share and everybody plays by the same set of rules."
"I’m going to talk about how we’ll get there," Obama said of his upcoming State of the Union address. "I’m going to lay out a blueprint for an American economy that’s built to last."
CNN reported that part of the president's speech will focus on the concept of "insourcing," or bringing jobs back from overseas. Sources from the White House noted that he will argue that the manufacturing industry in the U.S. has seen growth for the first time in 15 years, something that he expects to continue in the future.
According to the news outlet, the address will also include proposals to prepare American workers and students for the jobs of the future, as Obama will suggest job training for the long-term unemployed and veterans. The president will also speak to the notion of expanding Pell grants for college students.
This news concerning his upcoming address came following a week that saw jobless claims in the U.S. reach a four-year low and positive manufacturing indices released around the country.
A separate article in Bloomberg highlight how applications for unemployment insurance payments dropped by 50,000 to 352,000 in the week that ended January 14.
"We’ve had fundamental improvement in the labor market in the past few months," Ellen Zentner, a senior economist at Nomura Securities International Inc. in New York, told the news outlet. "Moderate inflation will certainly help households spend more in the face of slower wage growth."
Transport Topics reported that manufacturing activity in the Philadelphia region expanded at a faster pace in January, as the area's factory index rose to a three-month high.
"Overall the number is consistent with the idea of an improving recovery in the U.S. which continues to contrast with disappointing data in Europe," Omer Esiner, chief market analyst with Commonwealth Foreign Exchange, told Reuters.