The manufacturing sector of the U.S. economy is in recession, if one goes by the common definition: its output shrank over two straight quarters this year. That measurement is according to the Federal Reserve, but other indicators show that manufacturing is in trouble, Don Lee reports for the Los Angeles Times.
"A separate, widely followed index drawn from purchasing managers showed September’s contraction in manufacturing was the steepest since June 2009, with production, inventories and new orders all falling," Lee writes. "And after adding nearly half a million jobs in the prior two years, which Trump frequently stressed in hard-hat rallies throughout the Midwest, manufacturing employment has stalled."
Manufacturing accounts for about 10 percent of economic activity, but it's more important to rural economies than urban ones, according to a 2017 report by the U.S. Department of Agriculture's Economic Research Service.
"A separate, widely followed index drawn from purchasing managers showed September’s contraction in manufacturing was the steepest since June 2009, with production, inventories and new orders all falling," Lee writes. "And after adding nearly half a million jobs in the prior two years, which Trump frequently stressed in hard-hat rallies throughout the Midwest, manufacturing employment has stalled."
Manufacturing accounts for about 10 percent of economic activity, but it's more important to rural economies than urban ones, according to a 2017 report by the U.S. Department of Agriculture's Economic Research Service.
from The Rural Blog https://ift.tt/32fd2Pf U.S. manufacturing sector in recession after two straight quarters of shrinking output, the LA Times notes - Entrepreneur Generations
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