Our nation cannot afford to lose its manufacturing innovation edge and the wealth that it generates throughout our economy. ... Strong productivity growth helps America compete in the global economy and is the key to higher wages and better living standards for U.S. workers.
E-commerce will be a central factor in future productivity growth and maintaining low inflation. E-commerce provides cost-effective, time-efficient means of transacting business and distributing goods, thereby lowering expenses and constraining inflation.
We expect that manufacturing will maintain a 6 percent rate of growth in 2004 and actually grow faster than the overall economy for the first time in four years.
It really is a broader international issue that requires the general consensus of countries that intellectual property protection is critical to growth and productivity.
The likelihood of slower business growth should help dampen the Fed's concern about an overheated economy and quell talk of a hike in interest rates,