Study: China trade deficit cost millions of American jobs

From Wire Reports
Published: July 30, 2008

CHARLESTON, W.Va. (AP) _ The Economic Policy Institute, supported by the Alliance for American Manufacturing, reports that the growth of U.S. trade with China since the country entered the World Trade Organization in 2001 has devastated the domestic economy.

The study says China’s soaring deficit cost Americans 2.3 million jobs and $19.4 billion in lost wages between 2001 and 2007.

Virginia lost 39,500 jobs and North Carolina has lost nearly 80,000 jobs to China since 2001. The apparel industry was most affected in North Carolina with 11,372 jobs lost between 2001 and 2007.

North Carolina ranked eighth among the 50 states and Washington D.C., with 79,800 jobs lost. California suffered the most losses, with 325,800 fewer jobs. West Virginia’s job losses totaled 7,200, including 900 workers in the wood products manufacturing industry who were displaced last year.

The Washington, D.C.,-based think tank blamed the trade imbalance for pushing down wages an average of $8,146.

Scott Paul, exeuctive director of the Alliance for American Manufacturing, said any jobs that are being created are not making up for the income lost through jobs shipped overseas.

The study is based on data from the Bureau of Labor Statistics, Census Bureau and United States International Trade Commission.