‘Made in China’ Goods Only Small Sliver of U.S. Consumption – The Atlantic Wire
‘Made in China’ Goods Only Small Sliver of U.S. Consumption – Business – The Atlantic Wire.
Politicians and pundits talk often talk of the undue sway Chinese businesses have over American consumers without the hard numbers to back up claims. So Galina Hale and Bart Hobijn, two economists from the Federal Reserve Bank of San Francisco, have stepped in to do the mathematical heavy-lifting. What they’ve found is that only 2.7 percent of U.S. consumers purchases have the “Made in China” label.
“Although globalization is widely recognized these days, the U.S. economy actually remains relatively closed,” the authors write in a recent report. 88.5 percent of Americans’ consumer spending is on things made in the U.S.
NeilS – These days we are all trying to figure out where the U.S. and China fit in the world economy. I thought revealing this consumption data would be eye-opening to many individuals. At least on my part, I thought the “Made In China” label appeared on a lot more than 2.7% of goods. The study further reveals that much of what we buy from China is non-durable goods such as clothes and shoes.
So, if any of your friends try to tell you that China owns the U.S., or that everything we buy in this country is made in China, you can now proudly say that you know that isn’t true.