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Protectionist sentiment is on the rise in Washington, fueled by poor employment growth, real wage stagnation, and a record trade deficit. Job growth in 2004 was nearly 40%below the level consistent with previous economic recoveries. Most of the “missing jobs” are in the trade-exposed manufacturing sector. Meanwhile, real average hourly earnings in 2004 were no higher than they were in November, 2001, the trough of the most recent recession. Economists are busy debating the causes of this jobless and wageless recovery. Meanwhile,
Protectionist sentiment is on the rise in Washington, fueled by poor employment growth, real wage stagnation, and a record trade deficit. Job growth in 2004 was nearly 40% below the level consistent with previous economic recoveries. Most of the “missing jobs ”are in the trade-exposed manufacturing sector. Meanwhile, real average hourly earnings in 2004 were no higher than they were in November, 2001, the trough of the most recent recession. Economists are busy debating the causes of this jobless and wageless recovery. Meanwhile,