Because I think that increases in raw materials will largely compensate for increases in manufacturing efficiencies. Mind you, in semis and technology area, where the labor content is dwarfed by the cost of capital, labor costs increases have a minimal impact on COGS. Only labor intensive stuff like agriculture, textiles, shoes etc have a labor cost importance, and in these sectors, there is not much manufacturing efficiencies gains. Chinese girls are still painting patterns on goods by hand...
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