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Industry News
Manufacturers NewsChina labor unrest may help U.S. manufacturersHigher wages could lead to higher demand for goods and services, narrowing the trade gap. But rebalancing the economy could take years.Labor unrest at companies including Honda Motor Co., electronics giant Foxconn and, on Friday, a parts supplier for Toyota Motor Corp. has shifted attention in China toward the gap between rich and poor and the sustainability of cheap labor. It also comes as minimum wages are rising in a handful of provinces and cities. For those keeping score, such responses would qualify as a step toward rebalancing China's economy — something American lawmakers have been pleading for to help the U.S. win back a larger share of global trade.Workers have not shared in China's booming economy. In 1999, the ratio of Chinese laborers' income to the gross domestic product was 53%. Today it has declined to 40% — compared with 57% in the U.S.
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