Almost correct. It's the overall cost equation that is important, not just labor though.

"U.S. Manufacturing costs are almost as low as China’s, and that’s a very big deal"

http://fortune.com/2015/06/26/fracking-manufacturing-costs/

"These days, China's labor costs are only 4% cheaper than those in the U.S. when productivity is factored in, according to Oxford Economics. "

http://money.cnn.com/2016/03/17/news/economy/china-cheap-lab...