CHICAGO, Ill. – The value of the U.S. dollar has decreased to reasonable levels compared to the euro and currencies of several other industrial nations over the past year, the National Marine Manufacturers Association (NMMA) reported yesterday.
The National Association of Manufacturers (NAM) is crediting this success to lobbying efforts by the 85 business and agricultural associations that make up the NAM Coalition for a Sound Dollar, of which the NMMA is a member, according to the association.
Members of NMMA’s Washington staff worked with the NAM Coalition to lobby the Bush Administration and Congress to explain the detrimental impact an overvalued dollar has on manufacturing and the economy, the association noted.
According to NAM, the dollar rose 30 percent against major currencies after 1997, but is now back to its early 1997 level. This change will enable U.S. manufacturers to resume their export growth and also to compete more effectively with foreign producers at home, the NMMA stated.
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