WEBVTT - Episode 10: Does Manufacturing Still Matter for America?

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<v Speaker 1>and may not be appropriate for all investors manufacturing. What

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<v Speaker 1>does it look like these days? Dying or on the

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<v Speaker 1>cusp of a renaissance? That's what we'll try to take

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<v Speaker 1>a part this week. Does anyone else pronounce it renaissances?

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<v Speaker 1>That just see you? Dan? I think it's to do

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<v Speaker 1>with that convict ship. Hi, and welcome back to Bloomberg Benchmark,

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<v Speaker 1>a podcast about the global economy. It is Thursday, November five.

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<v Speaker 1>I'm Tory Stillwell and economics reporter with Bloomberg News in Washington,

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<v Speaker 1>d C. And I'm joined by my colleagues and co

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<v Speaker 1>host Dan Moss, our executive editor for International Economics Average,

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<v Speaker 1>who is in New York today, and Akido, our editor

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<v Speaker 1>for a Benchmark in San Francisco. Hello, Hi, Hey, guys.

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<v Speaker 1>So Dan, I was scouring the internet one day when

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<v Speaker 1>I see this great article about how the Australian accent

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<v Speaker 1>as a result of like you guys drinking too much

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<v Speaker 1>when you first settled Australia, and that you guys speak

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<v Speaker 1>with just two thirds capacity, with one third of your

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<v Speaker 1>mouth muscles sedentary. There's a couple of versions of that.

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<v Speaker 1>One is that this is the kind of English that

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<v Speaker 1>convicts spoke in late eighteenth century. The other version is

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<v Speaker 1>when the first male convict ship arrived a few days

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<v Speaker 1>before the first female convict ship, they were all going crazy.

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<v Speaker 1>Then when the first female convict ship arrived to join

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<v Speaker 1>the first male convict ship, there was this massive, massive

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<v Speaker 1>night with rum and nothing was ever the same. Again,

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<v Speaker 1>it's fair to say that some of the first European

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<v Speaker 1>Australians were conceived that night. But that's an incredible story. Well,

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<v Speaker 1>moving on, I guess this is sort of related. Let's

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<v Speaker 1>talk about babies. This was the first piece of news

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<v Speaker 1>I saw when I woke up on Thursday morning last week,

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<v Speaker 1>and I was so stunned I think I audibly gasped.

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<v Speaker 1>China got rid of its one child policy last week,

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<v Speaker 1>so now Chinese families are allowed to have up to

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<v Speaker 1>two kids. And this is a big deal because, like

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<v Speaker 1>we mentioned in Our and Our China episode a few

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<v Speaker 1>weeks back, um our guests Kenneth Lieberthal mentioned the one

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<v Speaker 1>child policy as part of the reason why their their

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<v Speaker 1>population growth has been slowing, and why that that's fed

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<v Speaker 1>into overall growth of their economy. Population growth is slowing,

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<v Speaker 1>but what's happening with the part of the population that's

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<v Speaker 1>in the workforce that has in certain age groups already

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<v Speaker 1>begun to contract. And it's really consistent with one of

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<v Speaker 1>the things ken told us that day, which is this

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<v Speaker 1>image we've had for a long time of China as

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<v Speaker 1>this giant, giant, giant pool of workers. It's really increasingly

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<v Speaker 1>less true. In some ways, that policy became too successful

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<v Speaker 1>for its own good, because as the population has slowed

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<v Speaker 1>and the working age population has shrunk, wages in China

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<v Speaker 1>actually have been increasing, and for many manufacturing jobs, it

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<v Speaker 1>just doesn't make sense to be in China anymore. There

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<v Speaker 1>are other places you can go. Yeah, and from my

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<v Speaker 1>proach on our Economic Indicators team, the week has been

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<v Speaker 1>dominated by manufacturing data, and that leads nicely into our

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<v Speaker 1>topic for today's show sure does. On this show, we've

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<v Speaker 1>taught in previous episodes about the stronger dollar, We've talked

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<v Speaker 1>about China. We've even talked about robots are doing to

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<v Speaker 1>your job. We've touched on all these topics that affect

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<v Speaker 1>the manufacturing sector without talking and devoting a show too

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<v Speaker 1>well manufacturing itself. What does it look like these days?

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<v Speaker 1>Dying or on the cusp of a renaissance? That's what

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<v Speaker 1>we'll try to take a part this week. Does anyone

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<v Speaker 1>else pronounce it renaissanswers that just see you, Dan? I

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<v Speaker 1>think it's to do with that convict ship. Well, hopefully

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<v Speaker 1>by the end of this episode will have answered this

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<v Speaker 1>question of whether manufacturing even matters for an economy like ours,

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<v Speaker 1>for an an advanced post industrialized economy. I think some

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<v Speaker 1>of our listeners will be listening to this and think, gosh,

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<v Speaker 1>I'm a teacher or a firefighter, or a lawyer or

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<v Speaker 1>an app developer and manufacturing just sounds so twentieth century.

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<v Speaker 1>So will be digging into this question as well, and

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<v Speaker 1>we will also have a very special guest to tell

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<v Speaker 1>us a little bit more about it at the bottom

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<v Speaker 1>of the show, so stay tuned there. But first, things. First,

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<v Speaker 1>let's run through what the manufacturing data are saying currently.

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<v Speaker 1>So this week we got a couple of big pieces

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<v Speaker 1>of news, and I want everyone to put on their

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<v Speaker 1>nerd caps for a second. Mine is always on when

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<v Speaker 1>talking about economic indicators. But among the first day points

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<v Speaker 1>that where we get on the economy every month is

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<v Speaker 1>actually concentrated on manufacturing. It's called the Institute for Supply

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<v Speaker 1>Management Manufacturing Survey, and that name is so boring, but

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<v Speaker 1>the information that it has is very interesting. Basically, these

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<v Speaker 1>are just comments from purchasing managers in manufacturing, and you're

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<v Speaker 1>probably wondering what a purchasing manager is. Uh. Factories need

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<v Speaker 1>a lot of supplies to make what they make, and

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<v Speaker 1>purchasing managers are in charge of making sure they have

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<v Speaker 1>those supplies. So if managers think there's gonna be a

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<v Speaker 1>pickup in demand for whatever the factory makes, whatever widgets

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<v Speaker 1>they produce, they're gonna be making sure that they have

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<v Speaker 1>ordered more raw materials that they need to make them.

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<v Speaker 1>If they think there's gonna be a slowdown, they're gonna

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<v Speaker 1>they're gonna trail off their orders for those raw materials.

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<v Speaker 1>So these people are really at the helm of being

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<v Speaker 1>able to monitor factory activity. So it's a leading indicator exactly,

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<v Speaker 1>and the data goes back to so we've got a

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<v Speaker 1>lot of history to work with, which is crucial for

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<v Speaker 1>economic indicators. Every month, they mail up this questionnaire to

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<v Speaker 1>hundreds of their members and about twenty industries. These are,

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<v Speaker 1>you know, textiles, leather, plastics, producers, and they asked them

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<v Speaker 1>all these questions and all these like wonky things that

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<v Speaker 1>economists want to get super specific information on. But the

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<v Speaker 1>broad overarching index, it compiles the most important parts of

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<v Speaker 1>that survey. That's the number that we we really like

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<v Speaker 1>to look at first. And that index was little changed

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<v Speaker 1>at fifty point one for October, after fifty point two

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<v Speaker 1>in September. So a number over fifty means that it's expanding,

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<v Speaker 1>right exactly. It's good that it's over fifty, but it's

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<v Speaker 1>basically kind of neutral. To give you guys a little

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<v Speaker 1>bit more context, this main index was at fifty eight

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<v Speaker 1>point one in August of last year, and that was

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<v Speaker 1>right when the dollars started to go off on a tear.

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<v Speaker 1>And there's been a few swings, but for the most part,

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<v Speaker 1>it's just been a straight line down ever since then.

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<v Speaker 1>I think the good news about last month's number was

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<v Speaker 1>a lot of people thought that it was going to

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<v Speaker 1>dip below that fifty threshold Hockey. They thought it was

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<v Speaker 1>going to dip into contractionary territory. That would have been

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<v Speaker 1>very worrisome, but it kind of held on, so that

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<v Speaker 1>was actually a small positive thing. I guess if you

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<v Speaker 1>look at the market p m I number, that increased

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<v Speaker 1>the fifty four point one in October from fifty three

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<v Speaker 1>point one in September. So I guess manufacturing isn't completely

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<v Speaker 1>depressed right now, but it sounds like it's not doing

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<v Speaker 1>too well either. And just to put this into some

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<v Speaker 1>broader context tory, the Institute for Supply Lawn Management also

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<v Speaker 1>publishes a non manufacturing index. Tell us what happened to

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<v Speaker 1>that this month? Right, Well, so the services indexes nine

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<v Speaker 1>points higher than that factory gauge, and that's the widest

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<v Speaker 1>differential since two thousands, So that just really speaks to

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<v Speaker 1>how much better the services side the economy is doing

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<v Speaker 1>compared to the factory side. So we really live in

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<v Speaker 1>a services world, at least for this month. Right, So

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<v Speaker 1>let's talk about how manufacturing got this way. Uh, let's

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<v Speaker 1>start short term, how do we get here. Well, Tori,

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<v Speaker 1>you talked about the strong dollar right right exactly. We've

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<v Speaker 1>we've seen the dollar appreciating and that makes our goods

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<v Speaker 1>more expensive for people abroad who want to buy manufactured products.

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<v Speaker 1>And one of the reasons why the dollar has been

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<v Speaker 1>so strong recently is because other economies around the world

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<v Speaker 1>aren't doing that well. And so you see this real

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<v Speaker 1>slowdown and global demand, and that means us smaller market

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<v Speaker 1>for American manufacturers. And then we've also seen the energy

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<v Speaker 1>sector kind of throw a wrench in the manufacturing industry

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<v Speaker 1>as well. When oil prices plunge, it means that oil

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<v Speaker 1>companies don't really need to buy more heavy equipment. They

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<v Speaker 1>don't need to invest in more equipment to be able

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<v Speaker 1>to access that oil or energy or whatever they're mining

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<v Speaker 1>for um, So it hurts the factories that produced that stuff.

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<v Speaker 1>What about longer term, Dan, it's facing issues of technology,

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<v Speaker 1>it's facing issues of cost. You know, we've got this

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<v Speaker 1>global supply chain happening where a manufacturing company might happen

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<v Speaker 1>to be headquartered in the United States, but the components

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<v Speaker 1>for their product are manufactured in one country, they're assembled

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<v Speaker 1>in a second, then shipped to a third for export. Now,

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<v Speaker 1>that doesn't necessarily mean that American export as are dead

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<v Speaker 1>or American manufacturers are dead. It may mean they're not

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<v Speaker 1>doing the manufacturing and the exporting from the US. I'm wondering,

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<v Speaker 1>why do we care about manufacturing so much in the

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<v Speaker 1>first place if our future is in services. Part of

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<v Speaker 1>it this iconic grip it's got on the American imagination,

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<v Speaker 1>you know, Henry Ford and the tremendous industrialization we saw

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<v Speaker 1>in waves the nineteenth century, then again the conversion of

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<v Speaker 1>auto plants during World War Two to produce bombers and

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<v Speaker 1>tanks and planes that became the so called arsenal of democracy.

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<v Speaker 1>I think it's like farming in some ways. It has

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<v Speaker 1>this grip on people's psyche, this view of how they

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<v Speaker 1>feel about the country they're in, in the world they're in.

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<v Speaker 1>Some of this services stuff can sometimes seem a little ephemeral,

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<v Speaker 1>right right, Well, And to give you some context, manufacturing

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<v Speaker 1>now accounts for about twelve GDP. It was almost so

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<v Speaker 1>a big drop there. But I think to help answer

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<v Speaker 1>your question, ay, we should bring on someone who really

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<v Speaker 1>knows a lot more about the manufacturing industry. But first

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<v Speaker 1>may not be appropriate for all investors. Well, since none

0:12:06.080 --> 0:12:09.880
<v Speaker 1>of us on this show have actually held a manufacturing job,

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<v Speaker 1>we have a surprise guest on the line to share

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<v Speaker 1>her firsthand experiences. Hi. Mom, Hi, I'm good, Thanks for

0:12:22.320 --> 0:12:26.200
<v Speaker 1>joining us. Oh, you're welcome. Glad that I could do

0:12:26.280 --> 0:12:29.280
<v Speaker 1>it me too. We wanted to talk to you because

0:12:29.320 --> 0:12:32.920
<v Speaker 1>we thought you would just have really great personal experience

0:12:33.200 --> 0:12:35.520
<v Speaker 1>with the manufacturing industry and we just wanted to learn

0:12:35.559 --> 0:12:38.439
<v Speaker 1>a little bit more about it from you. So to start,

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<v Speaker 1>how long have you worked in manufacturing. Well, I have

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<v Speaker 1>been in manufacturing basically all my life. And we're gonna

0:12:46.960 --> 0:12:50.240
<v Speaker 1>say that's rough. Really, uh, forty three years I've been

0:12:50.280 --> 0:12:53.439
<v Speaker 1>in manufacturing. I went into manufacturing right after I graduated

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<v Speaker 1>from my school. And has that been in North Carolina

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<v Speaker 1>the whole time? Debbie, You've had a number of jobs, right.

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<v Speaker 1>Tory was telling us that you've worked at a bunch

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<v Speaker 1>of different factories before you actually started working at your

0:13:07.760 --> 0:13:13.000
<v Speaker 1>current company. Yes, I went into the manufacturing field. Was

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<v Speaker 1>in nineteen and seventy two. I went into furniture and

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<v Speaker 1>I worked in furniture for a few years, and then

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<v Speaker 1>I twitched Ubbord and went into the hushry textile area.

0:13:26.080 --> 0:13:30.000
<v Speaker 1>I did that and I was probably in the hushry

0:13:30.080 --> 0:13:34.640
<v Speaker 1>textile area about fifteen years. Then I decided to venture

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<v Speaker 1>out and try something different and I went into working

0:13:38.600 --> 0:13:41.719
<v Speaker 1>with a company that did security systems. That was with

0:13:41.840 --> 0:13:45.280
<v Speaker 1>that company about thirteen fourteen years aftil I left there.

0:13:45.760 --> 0:13:50.199
<v Speaker 1>I went on another adventure and I worked at a hospital,

0:13:50.840 --> 0:13:54.800
<v Speaker 1>and uh, I did two different things at that hospital.

0:13:55.400 --> 0:13:58.600
<v Speaker 1>One area I worked in the cafeteria and then another

0:13:58.679 --> 0:14:02.880
<v Speaker 1>area is I worked within the hospital itself in another

0:14:03.040 --> 0:14:06.680
<v Speaker 1>area doing housekeeping and stuff like that. But then after

0:14:06.800 --> 0:14:10.000
<v Speaker 1>I left there, I went in back into the manufacturing

0:14:10.080 --> 0:14:13.400
<v Speaker 1>fields and I went into automotives. I worked there for

0:14:13.480 --> 0:14:16.120
<v Speaker 1>about two years, and then now I am working in

0:14:16.679 --> 0:14:20.680
<v Speaker 1>heavy equipment hydraulic maintenance. So one of the things we've

0:14:20.760 --> 0:14:24.280
<v Speaker 1>talked about on this show is not just how manufacturing

0:14:24.360 --> 0:14:28.480
<v Speaker 1>has changed, but how proportionately it accounts for a small

0:14:28.600 --> 0:14:32.160
<v Speaker 1>share of the American workforce than it really does. Have

0:14:32.320 --> 0:14:35.760
<v Speaker 1>you noticed that playout in your life and in the

0:14:35.880 --> 0:14:39.240
<v Speaker 1>careers of your college. Oh? Yes, especially the area that

0:14:39.320 --> 0:14:42.040
<v Speaker 1>Toy was born and raised. Then it's a little small

0:14:42.160 --> 0:14:45.760
<v Speaker 1>rural area and picker in North Carolina. It is a

0:14:45.960 --> 0:14:49.680
<v Speaker 1>very important part because that is the main uh sence

0:14:49.840 --> 0:14:53.200
<v Speaker 1>of the majority of the people's income there, especially the

0:14:53.280 --> 0:14:57.240
<v Speaker 1>people my age and maybe the next generation down. That

0:14:57.440 --> 0:14:59.800
<v Speaker 1>was basically the thing they've done. They went, they went

0:14:59.840 --> 0:15:02.520
<v Speaker 1>to school, they graduated from high school, they got married,

0:15:02.600 --> 0:15:04.840
<v Speaker 1>they got a job, they got married, they had children,

0:15:05.320 --> 0:15:10.520
<v Speaker 1>and back in two thousand eight nine, whenever the job

0:15:10.640 --> 0:15:14.080
<v Speaker 1>market really drops, I had I've seen personally a lot

0:15:14.160 --> 0:15:17.240
<v Speaker 1>of people lose their homes, lose everything they had because

0:15:17.560 --> 0:15:20.960
<v Speaker 1>they lost their job. At a point when Tory was

0:15:21.000 --> 0:15:23.600
<v Speaker 1>still in high school. I lost my job and I

0:15:23.720 --> 0:15:27.920
<v Speaker 1>wasn't without a job for several months without a jobs. Thankfully,

0:15:28.280 --> 0:15:30.360
<v Speaker 1>we had a place to stay. But I've seen a

0:15:30.400 --> 0:15:33.600
<v Speaker 1>lot of people lose their homes, and it was basically

0:15:33.680 --> 0:15:36.440
<v Speaker 1>because of the furniture we in the area that we

0:15:36.560 --> 0:15:40.320
<v Speaker 1>live in, Hugh cre is a big furniture market area,

0:15:40.840 --> 0:15:44.480
<v Speaker 1>and a lot of the furniture companies had quit, had

0:15:44.640 --> 0:15:49.680
<v Speaker 1>closed their doors, moved to Mexico, China, wherever, and people

0:15:49.720 --> 0:15:51.880
<v Speaker 1>didn't have jobs. And there were a lot of those

0:15:51.960 --> 0:15:54.680
<v Speaker 1>people that worked there for all their lives. I mean

0:15:55.040 --> 0:15:58.240
<v Speaker 1>sometimes some people had worked our thirty five years, that's

0:15:58.240 --> 0:16:00.760
<v Speaker 1>the only job that they ever had. Thank goodness, were

0:16:00.840 --> 0:16:03.840
<v Speaker 1>past the depth of two thousand, two thousand and nine.

0:16:04.760 --> 0:16:10.240
<v Speaker 1>But on the ground, how much of a substantial or

0:16:10.360 --> 0:16:13.880
<v Speaker 1>if any return to pre two thousand and eight has

0:16:13.960 --> 0:16:16.640
<v Speaker 1>there been? Have most of the people who you mentioned

0:16:17.040 --> 0:16:21.320
<v Speaker 1>found other jobs, have jobs at those same places come back,

0:16:21.480 --> 0:16:24.880
<v Speaker 1>or have new employers moved in. Well that some new

0:16:25.000 --> 0:16:28.680
<v Speaker 1>companies have moved in. Not very many of the all

0:16:28.840 --> 0:16:32.280
<v Speaker 1>factories have moved back. There's a few that have came back,

0:16:32.680 --> 0:16:38.360
<v Speaker 1>but mostly everybody else has went to another field. Like

0:16:38.600 --> 0:16:41.760
<v Speaker 1>and olso the textile, the hosi business that really drops

0:16:42.160 --> 0:16:45.480
<v Speaker 1>during that time, and we really don't have a lot

0:16:45.560 --> 0:16:48.960
<v Speaker 1>of textiles and hosie around here anymore. But a lot

0:16:49.040 --> 0:16:52.400
<v Speaker 1>of places offered the people to go to school. And

0:16:52.960 --> 0:16:57.080
<v Speaker 1>we had a program during that with the Unemployment Commission

0:16:57.200 --> 0:16:59.920
<v Speaker 1>that the Employment Commission that we could go to school

0:17:00.280 --> 0:17:03.000
<v Speaker 1>if you if you chose to just lant a new trade.

0:17:03.600 --> 0:17:06.240
<v Speaker 1>And a lot of people did that. But and then

0:17:06.320 --> 0:17:09.840
<v Speaker 1>there's there's others that just feeling they didn't do theydn't

0:17:09.880 --> 0:17:13.920
<v Speaker 1>do anything, you know, so right now they're still out

0:17:14.000 --> 0:17:18.120
<v Speaker 1>there trying to find a job. I think, Mom would

0:17:18.160 --> 0:17:21.720
<v Speaker 1>be really interesting to hear sort of what a typical

0:17:21.960 --> 0:17:24.800
<v Speaker 1>day for you is like, because I'm not sure that

0:17:25.280 --> 0:17:28.080
<v Speaker 1>too many people know. You know, what it's like to

0:17:28.160 --> 0:17:31.440
<v Speaker 1>work in a factory. Um, what's it? What's it like

0:17:31.840 --> 0:17:35.120
<v Speaker 1>for you as a as a factory worker? In my position,

0:17:35.400 --> 0:17:38.720
<v Speaker 1>I'm a kind of a supervisor overseer over a production

0:17:38.920 --> 0:17:41.520
<v Speaker 1>area in the in the company that I work for,

0:17:42.160 --> 0:17:45.399
<v Speaker 1>and I just have to go in every day and

0:17:45.720 --> 0:17:49.800
<v Speaker 1>I've got to make sure that all of the I

0:17:49.920 --> 0:17:52.560
<v Speaker 1>have all these the products the supplies that I need

0:17:52.680 --> 0:17:56.400
<v Speaker 1>to make our our products. UH. In the meantime, while

0:17:56.400 --> 0:17:59.280
<v Speaker 1>I'm doing this, I'm also running different kind of machinery

0:17:59.359 --> 0:18:03.680
<v Speaker 1>that we have to do, and it's constant all the time,

0:18:04.080 --> 0:18:07.560
<v Speaker 1>something to do. It's fast paced, and you've got age.

0:18:07.600 --> 0:18:10.240
<v Speaker 1>You can't be fast with your job. You're not gonna

0:18:10.280 --> 0:18:13.040
<v Speaker 1>make it there along because they want people that that

0:18:13.320 --> 0:18:16.800
<v Speaker 1>have space and are interested in London and want to learn.

0:18:17.280 --> 0:18:20.280
<v Speaker 1>You know, Debbie, it was so interesting listening to you

0:18:20.400 --> 0:18:22.639
<v Speaker 1>talk about all the different jobs that you've held that

0:18:22.760 --> 0:18:26.800
<v Speaker 1>you moved from furniture to textiles, to autos to now

0:18:26.880 --> 0:18:30.840
<v Speaker 1>heavy equipment, because that's really a story of the shifts

0:18:30.960 --> 0:18:33.959
<v Speaker 1>in American manufacturing over the last few decades. You can

0:18:34.040 --> 0:18:39.080
<v Speaker 1>really see this move from UH less profitable, lower value

0:18:39.160 --> 0:18:43.400
<v Speaker 1>added UM industries to UH something like heavy equipment that's

0:18:43.400 --> 0:18:47.680
<v Speaker 1>a lot more profitable and involves higher technology. I guess,

0:18:47.960 --> 0:18:50.119
<v Speaker 1>but I was wondering, did you ever have to go

0:18:50.359 --> 0:18:54.360
<v Speaker 1>back to school to transition between these jobs or get

0:18:54.400 --> 0:18:58.480
<v Speaker 1>additional training? Personally myself, I have it, but I have

0:18:58.680 --> 0:19:01.919
<v Speaker 1>known people that how went back to school so they

0:19:01.960 --> 0:19:05.520
<v Speaker 1>can learn how to runch machines and stuff. And when

0:19:05.600 --> 0:19:09.199
<v Speaker 1>they've returned from school, have they kept their employment at

0:19:09.200 --> 0:19:12.479
<v Speaker 1>the same place. Yes, and they usually get a bit

0:19:12.520 --> 0:19:16.199
<v Speaker 1>of a real nice pay rate when they actively complete

0:19:16.240 --> 0:19:20.040
<v Speaker 1>their schooling, because that's why they send them to schools

0:19:20.160 --> 0:19:23.640
<v Speaker 1>to learn how to operate a very high tech machine.

0:19:24.359 --> 0:19:27.200
<v Speaker 1>Is the common person coming off the street can't run it,

0:19:27.280 --> 0:19:29.960
<v Speaker 1>and you have to go to school to to know

0:19:30.119 --> 0:19:36.280
<v Speaker 1>how to maintain, how to operate it, and everything about it. Dad,

0:19:36.400 --> 0:19:40.760
<v Speaker 1>we've been wrestling with two competing narratives. One says that

0:19:41.720 --> 0:19:46.440
<v Speaker 1>manufacturing in the US is back, there's this manufacturing renaissance.

0:19:47.160 --> 0:19:49.119
<v Speaker 1>Then on the other side of the fence, you've got

0:19:49.160 --> 0:19:53.240
<v Speaker 1>a school of thought that says manufacturing is really history

0:19:53.320 --> 0:19:59.000
<v Speaker 1>in the US. So from your perspective, which is true, Well,

0:19:59.600 --> 0:20:03.679
<v Speaker 1>from perspective, I believe it could be in the middle.

0:20:04.520 --> 0:20:07.840
<v Speaker 1>Right now, I think manufacturing is still a part of

0:20:07.880 --> 0:20:11.119
<v Speaker 1>our lives and in and it will be for a while.

0:20:11.680 --> 0:20:15.080
<v Speaker 1>But I think further on down the road to say,

0:20:15.160 --> 0:20:19.960
<v Speaker 1>like by the time maybe tories forty or so, maybe

0:20:20.520 --> 0:20:26.320
<v Speaker 1>when is that exactly, Let's say, five, ten or twenty years.

0:20:26.480 --> 0:20:31.840
<v Speaker 1>I'm not fifteen or twenty years down the road. Uh,

0:20:32.320 --> 0:20:36.240
<v Speaker 1>I could I could see it, Bason now, Well, Mom, yes,

0:20:36.880 --> 0:20:40.399
<v Speaker 1>thank you so much as anyone else have any other questions, Debbie,

0:20:40.400 --> 0:20:44.520
<v Speaker 1>I have one more question, how the skill of once attend?

0:20:44.600 --> 0:20:48.080
<v Speaker 1>How proud are you of Tori for being an internationally

0:20:48.240 --> 0:20:55.080
<v Speaker 1>famous podcaster? That would be a one chen very very

0:20:55.200 --> 0:21:00.880
<v Speaker 1>proud of Toy. I am so glad that she decided

0:21:00.920 --> 0:21:04.520
<v Speaker 1>to go to college and do what she does and

0:21:06.119 --> 0:21:10.440
<v Speaker 1>not be living there because her generations, the ones that

0:21:10.560 --> 0:21:14.439
<v Speaker 1>live there, they're falling in the same the same mode

0:21:14.760 --> 0:21:17.680
<v Speaker 1>that their parents and their grandparents are there out here

0:21:17.720 --> 0:21:20.040
<v Speaker 1>trying to find a factory job, you know. And that's

0:21:20.119 --> 0:21:23.080
<v Speaker 1>that's one thing I'm proud of about Tory. But when

0:21:23.119 --> 0:21:25.480
<v Speaker 1>Tori was a little girl, I came home one day

0:21:25.760 --> 0:21:29.480
<v Speaker 1>and she said, when I grow up, I'm not working

0:21:29.520 --> 0:21:32.720
<v Speaker 1>for Peanuts. And I said what, And she said, I'm

0:21:32.800 --> 0:21:35.800
<v Speaker 1>not working for Peanuts when I grow up. And she

0:21:36.640 --> 0:21:39.560
<v Speaker 1>followed her green and her boat. And I am very

0:21:39.600 --> 0:21:42.320
<v Speaker 1>proud of her. We're coming up to annual review time.

0:21:44.359 --> 0:21:47.800
<v Speaker 1>I'll keep I'll keep the I'll keep the Peanuts thing

0:21:47.880 --> 0:21:51.960
<v Speaker 1>in mind for Tories. I mean, just that laugh alone

0:21:52.160 --> 0:21:54.880
<v Speaker 1>is worth being proud of it. I don't believe there's

0:21:54.880 --> 0:21:58.160
<v Speaker 1>another Laft in the world like that. Laft. Well, thank

0:21:58.200 --> 0:22:00.480
<v Speaker 1>you so much for joining us today. It's been a

0:22:00.560 --> 0:22:03.080
<v Speaker 1>real privilege to have you on the show. Has been

0:22:03.080 --> 0:22:06.040
<v Speaker 1>a privilege to talk to you all too. All right, Mom,

0:22:06.160 --> 0:22:08.960
<v Speaker 1>love you, thank you, love you too, and talk to

0:22:09.000 --> 0:22:14.159
<v Speaker 1>you later. Okay. Bye. So I guess to answer your

0:22:14.280 --> 0:22:17.200
<v Speaker 1>question Aki, that you posed at the beginning of the show,

0:22:17.520 --> 0:22:21.760
<v Speaker 1>I would say, yes, manufacturing does still matter in America.

0:22:24.720 --> 0:22:27.800
<v Speaker 1>Thanks again for listening to Bloomberg Benchmark. We will be

0:22:27.920 --> 0:22:30.280
<v Speaker 1>back next week and until then you can find us

0:22:30.320 --> 0:22:32.880
<v Speaker 1>on the Bloomberg Terminal and Bloomberg dot com, as well

0:22:32.920 --> 0:22:37.680
<v Speaker 1>as on iTunes, pocket Cast, Stitcher, Google Play. And while

0:22:37.720 --> 0:22:40.200
<v Speaker 1>you're there, take a minute to rate and review the

0:22:40.240 --> 0:22:42.600
<v Speaker 1>show so more listeners can find us. And a very

0:22:42.680 --> 0:22:45.480
<v Speaker 1>special thank you to Debbie. Let us see what you

0:22:45.560 --> 0:22:47.200
<v Speaker 1>thought of the show. You can talk to us and

0:22:47.359 --> 0:22:50.840
<v Speaker 1>follow us on Twitter at Aki epos seven, Acrey still

0:22:50.880 --> 0:22:54.360
<v Speaker 1>Well and Daniel mass d C. Thanks again. We'll see

0:22:54.400 --> 0:23:00.480
<v Speaker 1>you next week, hopefully we can talk this one. PS

0:23:00.600 --> 0:23:04.240
<v Speaker 1>two pass by pas best pass stor