Manufacturing is a part of the economy but consumer spending is a much larger part, and the recent numbers there were strong.
We've seen no numbers saying the economy's shrinking (yet).
According to that chart in the article, manufacturing activity stayed below 50 longer than the dip in 2012 (Obama’s reelection campaign), longer than the dip in 2016 (Hillary’s election campaign), longer than the dip in 2020 (Trump’s reelection campaign). Obama was still reelected (but had less electoral votes in 2012 than 2008), Hillary and Trump both lost their elections in 2016 and 2020. Yet Donna Brazile still claimed on yesterday’s This Week that Biden can point out that manufacturing is strong again. But this chart shows manufacturing is at a weak point now.