– by New Deal democrat
Industrial and manufacturing manufacturing slid additional in October, by -0.3% and -0.5% respectively. They’re additionally down respectively -1.2% and -1.8% from their late 2022 highs:
It’s a very good factor I suppose that manufacturing is not such an necessary a part of the American economic system, as a result of because the under graph of the previous 50 years reveals, earlier than 2001 and particularly earlier than the Nice Recession, and decline YoY *all the time* coincided with or at the very least instantly heralded a recession:
However for the reason that accession of China to common buying and selling standing, even downturns of about -5% or extra, as in 2015-16 and 2018-19 haven’t essentially meant recession.
And as this close-up of the publish pandemic file present, on a YoY foundation manufacturing is just down about -1%:
So, to reiterate what I wrote earlier this morning, it’s a very good factor that consumption notably of companies continues to be constructive.
The shallow downturn in industrial manufacturing continues, Indignant Bear by New Deal democrat
