That was the level of the US trade deficit in goods in the first half of the year, up 19% from the $253 billion seen in the first half of 2014. Meanwhile, despite supposed economic troubles, China's trade surplus in goods was an incredible $486 billion, up 14% from the same period last year. The reshoring phenomenon, to the extent it ever really existed, would seem to be fading. Interestingly, exports in the 1H in China were actually only up 1%, but its imports were down 8%, a trend likely to increase with the recent 3% or so devaluation of the Yuan currency. According to the analysts at MAPI - The Manufacturing Alliance, the $48 billion US deficit increase in the first half of the year equates to a loss of 300,000 trade-related American manufacturing jobs, and the deficit is on track for a loss of 500,000 or more jobs for the calendar year. This is the sixth consecutive year of soaring trade deficits and very large job losses, which from 2009 to 2015 will total 2.5 million, or 25% of the sector labor force.

That's how much steel giant ArcelorMittal is asking union workers with family coverage to make in monthly contribution towards health care costs , up from the zero contribution workers make today, in a new labor contract currently being negotiated. The old one expired this week. US Steel is taking a similar stance, as the steel makers seem to be taking a hard line in the face of a lousy market. Steel prices are down 20% since the  beginning of the year, and steel companies have been laying off some workers and suffering quarterly losses. "We cannot base our 2015 contract on a hope that a return to a new steel and commodities boom is ahead," said Bill Steers, a spokesman for ArcelorMittal last week. So, with givebacks on their mind, the steel makers could play hard ball - and it appears the union will hadly take it lying down. Rallies were held at US steel plants this week rallies to "show management that we’re strong and united and ready to do whatever it takes to win a fair contract,” the union said.