Manufacturing employment has begun to decline.
https://fred.stlouisfed.org/series/NPPMNF
November PMI was 48.1, with New Orders, Production, and Employment Contracting.
https://www.instituteforsupplymanagement.org/ISMReport/MfgROB.cfm?SSO=1
yet its still higher than anytime obama was president...
A large portion of industrial production is based on long-term assets. With any period of rapid economic growth and expansion a large segment of manufacturing will experience rapid growth followed by a leveling off of sales and production.
A construction company for example is unlikely to purchase new bulldozers or other heavy equipment every year as these are long term assets with a useful life of thousands of hours. This is true across industry and it must be baked into the cake even with what has been an unexpectedly vigorous growth of our economy.
Right, I get it. But the US was stuck in a globalist rut of crappy trade deals and allowing China to eat our lunch. It’s as if globalism wasn’t destroying our industries!! Oh no, it’s tariffs. Breaking that pattern was NEVER going to be without pain. So according to a study, the long term benefits of breaking the globalist grip is non-existent.
In my mind it’s akin to saying that the adopt kicking a drug habit was bad and he/she would have been better off staying addicted.
The US has economic power. Trump has employed that power. Like employing/projecting any power there is a cost.
Am I reading he graph wrong? It shows that IP took a dip during the “Great Recession” but began a recovery in 2010-2011 that has continued largely to this day.
Down by less than 1%.
From your chart:
From two years ago, it's a 1.6% increase.
Since President Trump was elected, it's up by 4.5%.
-PJ