Jack Welch once said, "If the rate of change on the outside exceeds the rate of change on the inside, the end is near." U.S. manufacturers understand this better than others. No sector has experienced more external change over the past 15 years, and no sector has done more to survive and even thrive in the face of it. The sector stands on the verge of a renaissance-a recapturing of lost market share since the late 1990s as a consequence of questionable public and private sector decision-making. There are tailwinds propelling American manufacturing in that direction, but it isn't there yet. While the U.S. economy surpassed its pre-recession output levels in mid-20 11, manufacturing is only 75% recovered and is not expected to reach its pre-recession output levels until late next year.
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