Moderating Manufacturing

In another sign the US economy is cooling, manufacturing activity contracted in August for the first time since 8/16 and is at its lowest level since 1/16 (when we didn’t enter a recession). The US now joins Germany, Japan, South Korea, the UK, and probably China which are already experiencing declines in manufacturing. Manufacturing is just 11% of US GDP, but to avoid a recession consumer spending must remain strong.

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