The firm argues in a note to clients that the millions the manufacturers will spend on new or upgraded plants will largely go toward making factories more automated and not create as many jobs as President-elect Donald Trump may be expecting.

"With wage pressures building alongside a strong dollar, U.S. companies will need to invest in automation," the team, led by Chief Global Equity Strategist Sean Darby wrote.

The note is in response to Fiat Chrysler Automobiles NV's announcement that it will invest $1bn in U.S. factories that will create 2,000 additional jobs in the Midwest. The move comes after Ford Motor Co. said it will invest in Michigan production and canceled plans to build a $1bn plant in Mexico. In each case, Trump took to Twitter to take credit for or express his pleasure in the moves as evidence that manufacturing is about to blossom in America.

Wall Street is skeptical that will produce jobs for Midwestern autoworkers.

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