# A Look at the State of US Manufacturing Headed Into 2025 w/ Thom Walstrum

- Show: [The Manufacturing Executive](https://hardwarepodcasts.com/podcast/the-manufacturing-executive)
- Published: 2024-12-03
- Length: 32m
- Episode: 234
- Page: https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2024-12-03-a-look-at-the-state-of-us-manufacturing-headed-into-2025-w-thom-walstrum
- Listen: https://www.spreaker.com/show/the-manufacturing-executive#episode-3e350d4a-f57b-4c8f-9089-c7b522c20cef

## Summary

Thom Walstrum, a principal business economist at the Federal Reserve Bank of Chicago, discusses the current state and outlook for US manufacturing. He explains that high interest rates have suppressed investment in durable goods, but rate cuts are expected to stimulate growth in 2025. Walstrum also analyzes the long-term structural shift where manufacturing's share of GDP declines as the service sector expands, a trend observed globally in countries like China and Germany.

## Chapters

- [0:04](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2024-12-03-a-look-at-the-state-of-us-manufacturing-headed-into-2025-w-thom-walstrum#t=4) Introduction and Sponsor Read
- [4:08](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2024-12-03-a-look-at-the-state-of-us-manufacturing-headed-into-2025-w-thom-walstrum#t=248) Thom Walstrum's Role at the Chicago Fed
- [8:47](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2024-12-03-a-look-at-the-state-of-us-manufacturing-headed-into-2025-w-thom-walstrum#t=527) Impact of Interest Rates on Manufacturing
- [12:51](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2024-12-03-a-look-at-the-state-of-us-manufacturing-headed-into-2025-w-thom-walstrum#t=771) Long-Term Decline of Manufacturing's GDP Share
- [16:51](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2024-12-03-a-look-at-the-state-of-us-manufacturing-headed-into-2025-w-thom-walstrum#t=1011) Structural Transformation to Services
- [21:06](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2024-12-03-a-look-at-the-state-of-us-manufacturing-headed-into-2025-w-thom-walstrum#t=1266) Global Comparison: US, China, and Europe
- [23:42](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2024-12-03-a-look-at-the-state-of-us-manufacturing-headed-into-2025-w-thom-walstrum#t=1422) The Beige Book and Chicago Fed Survey
- [30:30](https://hardwarepodcasts.com/podcast/the-manufacturing-executive/2024-12-03-a-look-at-the-state-of-us-manufacturing-headed-into-2025-w-thom-walstrum#t=1830) Midwest Economic Outlook and Conclusion

## Topics

- [Policy, trade & tariffs](https://hardwarepodcasts.com/topic/policy-trade-and-tariffs)
- [Growth, exits & acquisitions](https://hardwarepodcasts.com/topic/growth-exits-and-acquisitions)
- [Careers & education](https://hardwarepodcasts.com/topic/engineering-careers-and-education)

## Most relevant to

large enterprises

## Mentioned

- Federal Reserve Bank of Chicago (company)
- AMT (company)
- Financial Times (other)

## Related episodes from other shows

- [Challenging Economic Conditions and Shifting Landscapes in Global Manufacturing with TTI's Jeff Ray](https://hardwarepodcasts.com/podcast/ems-c-level/2025-01-17-challenging-economic-conditions-and-shifting-landscapes-in-global-manufacturing) (EMS@C-LEVEL)
- [EMS & The Economist - Episode 4 with Shawn Dubravac](https://hardwarepodcasts.com/podcast/ems-c-level/2023-06-02-ems-the-economist-episode-4-with-shawn-dubravac) (EMS@C-LEVEL)
- [EMS & The Economist - Tariffs Special - April 13th, 2025](https://hardwarepodcasts.com/podcast/ems-c-level/2025-04-14-ems-the-economist-tariffs-special-april-13th-2025) (EMS@C-LEVEL)
- [Tariffs and Trade: EMS & The Economist on Global Manufacturing's Future Amid Political Shifts](https://hardwarepodcasts.com/podcast/ems-c-level/2025-02-05-tariffs-and-trade-ems-the-economist-on-global-manufacturings-future-amid-politic) (EMS@C-LEVEL)
- [EMS & The Economist: Geopolitical Factors Shaping the Manufacturing Sector](https://hardwarepodcasts.com/podcast/ems-c-level/2024-09-14-ems-the-economist-geopolitical-factors-shaping-the-manufacturing-sector) (EMS@C-LEVEL)

## Citing this page

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