Lemmings herding back to shore?
Monday, February 13, 2012 1:54 PM
Big manufacturers moved their production out of the country too quickly over the past decades and now see a competitive advantage in building up their footprints back home, top executives said at a meeting on the economy that was called by General Electric Co., Reuters reported. The chase for lower-paid workers drove the migration, which resulted in employment in the U.S. manufacturing sector falling by 40 percent from its 1980 peak. But big companies including Boeing Co. and General Electric are now finding that the benefit of lower wages can be offset by higher logistics and materials costs. "We, lemming-like, over the last 15 years extended our supply chains a little too far globally in the name of low cost," said Boeing CEO Jim McNerney.