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In an interview with CNBC\u2019s Jim Cramer<\/a>, Apple CEO Tim Cook revealed today that the hardware titans have formed\u00a0a new, $1 billion fund to promote advanced manufacturing jobs in the U.S.<\/p>\n While President Donald Trump\u00a0is certain to approve, the initiative was something that Apple began working on<\/a> well before the presidential election. Apple has invested previously in\u00a0U.S.\u00a0hardware production with a Mac facility in Texas, as TechCrunch reported last year.\u00a0In\u00a02013, Apple released\u00a0\u201cMade in the USA\u201d<\/a>\u00a0Mac Pros, which the company had touted before the U.S. Senate.<\/p>\n The announcement about the fund came just one day after Apple delivered a mixed quarterly earnings report<\/a>. It didn\u2019t deliver on projected iPhone and iPad sales, but recorded a rise in service revenue and improvements in sales in China, a market that has been historically challenging for American hardware companies.<\/p>\n During the interview, Cook said Apple will reveal its first investments from the fund later this month. It\u2019s not clear\u00a0what the exact nature of those investments will be yet, and how they will deliver returns back to the new fund or Apple.<\/p>\n The unemployment rate in computer and electronic manufacturing in the U.S. was relatively low, at 2.2 percent in December 2016, according to the most recent available data from the Bureau of Labor Statistics. But the \u00a0number of people employed in this field has mostly been on the decline<\/a> in the U.S. since 2007.\u00a0Manufacturing, more broadly, employs some 9 percent of the U.S. workforce.<\/p>\n According to a\u00a0Skills Gap study by Deloitte and the Manufacturing Institute<\/a>, 80 percent of U.S. manufacturers\u00a0are facing a\u00a0moderate or serious shortage of qualified applicants for skilled and highly skilled production positions in their facilities.<\/p>\n Featured Image: Justin Sullivan\/Getty Images<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2016\/02\/455053852.jpg?w=680\")
Apple CEO Tim Cook revealed today that the hardware titans have formed a new, $1 billion fund to promote advanced manufacturing jobs in the U.S. Cook said Apple will reveal its first investments from this fund later this month. Read More<\/a><\/p>\n\n<\/img><\/a>
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