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Talk of a new dawn in US manufacturing seems somewhat premature, according to a new ITIF report. It notes that real manufacturing value added was still 3.2% below 2007 levels – and that any new jobs from reshoring are offset by a similar number going overseas. And many of the assumptions behind the idea that US manufacturing would grow are simply wrong, it states, including wage parity with the Chinese, high shipping costs and any expected benefits of the shale gas boom.

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