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We Haven’t Seen A Manufacturing Slowdown Like This Since The Last Financial Crisis
This isn’t what was supposed to happen. According to the economic optimists, there was going to be a great “manufacturing renaissance” as America entered a wonderful new golden age of boundless prosperity. But of course that is not what has happened. Manufacturing activity has been declining for the past three months, and all across the country we are seeing economic conditions rapidly deteriorate. Over and over, we are seeing economic numbers that are worse than anything we have seen since the last recession, but the economic optimists keep assuring us that these are just temporary blips on the way to America’s glorious economic renewal. Well, they can keep believing in a mirage of future prosperity if they want, but the hard numbers keep telling us another story. For example, the Chicago Purchasing Managers Index has now fallen to a level that was “last sustained during the financial crisis”…
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