Apple started a $1 billion fund to create advanced manufacturing jobs in the US

In an interrogation with CNBCs Jim Cramer, Apple CEO Tim Cook revealed today that the hardware titans have formeda brand-new,$ 1 billion money to promote boosted manufacturing jobs in the U.S.

While President Donald Trumpis certain to approve, the initiative was something that Apple began working on well before the presidential election. Apple has invested previously inU.S.hardware make with a Mac facility in Texas, as TechCrunch reported last year.In2 013, Apple releasedMade in the USAMac Pros, which the company had touted before the U.S. Senate.

The announcement about the fund arose merely one day after Apple extradited a mixed quarterly earnings report. It didnt be conducted in conformity with projected iPhone and iPad marketings, but recorded a rise in busines revenue and improvements in marketings in China, a market that has been traditionally challenging for American hardware companies.

During the interrogation, Cook remarked Apple will expose its first financings from the fund later this month. Its not clearwhat the exact mood of those investments will be yet, and how they are able to deliver reverts back to the brand-new money or Apple.

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 latest available data from the Bureau of Labor Statistics. But the number of people employed in this field has mostly been on the drop-off in the U.S. since 2007. Manufacturing, more widely, employs some 9 percent of the U.S. workforce.

According to aSkills Gap study by Deloitte and the Manufacturing Institute, 80 percent of U.S. manufacturersare facing amoderate or serious shortage of qualified applicants for skilled and highly skilled make positions in their facilities.

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