The severe recession in the manufacturing sector is expected to last much of the year before a modest recovery takes hold next year, according to the Manufacturing Alliance/MAPI, a research group funded by manufacturing companies.
Only three of 27 industries are expected to grow this year: aerospace, communications equipment and medical equipment, the nonprofit organization says.
Manufacturing production is forecast to drop 12% in 2009 and rise 2% in 2010, says Daniel J. Meckstroth, chief economist for the organization. "Unfortunately, there are no quick fixes," Meckstroth said. "The deleveraging of the American consumer is ongoing and will continue for years."
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