"Rumors of a Cheap-Energy Jobs Boom Remain Just That"

"These are good times for Libbey, a 125-year-old American glassmaker that nearly went bankrupt four years ago. The company’s shares have risen to almost $20 from below $1, sales of its tableware are at a record high, and its energy-intensive factories saved more than $5 million in 2012 as natural gas prices fell."

"Despite all the upbeat news, however, Libbey recently announced it would lay off 200 workers at its plant in Shreveport, La., and move some production to Mexico as it cuts costs and discontinues several products.

Libbey’s decision is just one example of why manufacturing, for all its renewed promise, is likely to fall far short of the claims by industry groups that millions of new factory jobs are about to be created in the United States because of the unlocking of abundant supplies of domestic energy."

Nelson D. Schwartz reports for the New York Times April 1, 2013.

Source: NY Times, 04/02/2013