By Daniel RiederThe Associated PressAug.
21, 2019 8:04:33Companies that provide industrial equipment and chemicals to the U, U.K., Germany and other countries are struggling to keep up with the demand from customers in Asia and the Middle East.
Industrial equipment manufacturers have posted job losses in the last year and a half, according to a new report from the trade group Industrial Equipment Manufacturers and Traders Association (IAMTAM).
While most of the job losses have been among U.B.C.’s major industrial suppliers, some have also hit suppliers in other industries, including aerospace, steel and chemical manufacturers.
Industrial equipment manufacturers that have reported losses include American Machinery and Equipment Co. (AMEC), which posted a loss of about 6,700 workers in August, while GE Aviation Inc. reported a loss in the same period of nearly 10,000.
Both companies have seen their profits fall this year due to the downturn in demand.
The jobs losses are mostly caused by the decline in the value of the dollar and the weak demand in Asian markets, according the report, which was compiled by IAMT AM and published Wednesday.
The jobs loss in aerospace was due to a downturn in orders in the United Arab Emirates and a drop in orders from China, it said.
GE Aviation, which manufactures jet engines and aircraft engines, also lost jobs due to an export slump, the report said.
The trade group also found that the manufacturing industry has seen an overall decline of about 20,000 workers since last year, and its workforce has fallen by about 17,000 in the past year.
The loss is a drop of about 17% since last April, according IAMD.
The number of jobs added last year was around 10 million, the trade association said, citing figures from the Bureau of Labor Statistics.
That number has fallen to about 5.3 million, and it has been declining since the last three months of 2018.
The report comes as the United States continues to struggle to maintain its economic recovery from the recession, which ended in December.
In addition to the job loss, the industry is also grappling with a rise in the cost of goods and services, which the trade groups blame on weak demand for manufactured goods.
While the trade associations report did not directly address the impact of the U-19 U.N. climate change summit on U.A.E., it did note that the country is on track to become one of the world’s top 10 greenhouse gas emitters if the U.-20 summit is not completed in March.
IAMD President Kevin R. Schlosser said in a statement the group had received some “unusual and unexpected” job losses this year.
“We remain focused on ensuring that we are providing the industry with the resources it needs to continue to deliver its highest-quality products and services,” Schlossers statement said.
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