The recently improved employment trend in the United States is noteworthy. Hiring for roles in the federal government, professional services, and manufacturing declined in June. However, roles in state and local government education rose, with around 63,500 positions added, while healthcare and social assistance gained another 58,600 jobs.

Despite the unemployment rate declining, the number of long-term unemployed in the US increased by 190,000 to a total of 1.6 million people.

In Pakistan, the National Assembly Standing Committee on Poverty Alleviation and Social Safety recently expressed alarm over the escalating poverty rate, now stated to be nearing 50 per cent, and stressed the need for steps to reverse the trend. Like the United States, it may be pointed out that Pakistan is struggling to generate additional jobs due to a stagnant manufacturing sector and the federal government.

While many countries were focused on financial globalisation, China emerged as a world factory by focusing on an industrial policy that led growth in all sectors of the economy.

Pakistan is struggling to generate additional jobs due to a stagnant manufacturing sector and the federal government

Pakistan has now finalised a new industrial policy aimed at reviving the country’s declining manufacturing sector. Relevant officials note with concern that the industrial sector’s share in GDP has fallen consistently from 26pc in 1996 to just 18pc in 2025.

Chaired by Haroon Akhtar Khan, Special Assistant to the Prime........

© Dawn Business