Walmart Stores Inc (NYSE:WMT) on Wednesday unveiled a “policy roadmap” to create 1.5 million new jobs and “renew” the U.S. manufacturing sector. The 10-point plan (viewable below) aims to “recapture” an estimated $300 billion in imported consumer goods and spur growth in domestic manufacturing.
“As we’ve worked over the last four years alongside our suppliers toward our goal to source an additional $250 billion in products that support American jobs, we’ve learned a great deal about the challenges our suppliers face in domestic manufacturing,” said Cindi Marsiglio, Vice President for U.S. Sourcing and Manufacturing. “The good news is we’ve also learned how to overcome the challenges and, because of our experience, Walmart is uniquely positioned to help facilitate broad engagement in accelerating the expansion of U.S. manufacturing.”
The company met with government and business leaders in Washington to discuss their plans only days after the Trump Administration wrapped up “Made in America Week.” The White House showcased companies in all 50 states that made products in the country.
The Institute for Supply Management (ISM) reported last month its closely-watched manufacturing index (PMI) came in at 57.9 in June, beating the 55.1 consensus forecast. It was the strongest reading in almost 3 years, since August 2014.
Under the Trump Administration, Walmart believes there is an opportunity to cut into the $650 billion of consumer goods that are currently imported, including furniture, cookware, and sporting goods.
“Every $100 billion of retailer spend that is on-shored has the potential to create over 500,000 direct manufacturing jobs, which could potentially result in an additional 1.5 million indirect jobs,” the “Policy Roadmap to Renew U.S. Manufacturing” states. “With the right policies and industry tactics, the U.S. can strengthen our manufacturing industry and drastically reduce long-term unemployment by both driving job creation and upskilling a workforce capable of excelling in newly created manufacturing positions.”
Shares of Wal-Mart Stores Inc closed up 0.38, or 0.48% to $78.90 per share on Wednesday.[pdfviewer width=”740px” height=”849px” beta=”true/false”]https://www.peoplespunditdaily.com/wp-content/uploads/2017/07/Walmart-Policy-Roadmap.pdf[/pdfviewer]