President Joe Biden has spent and borrowed trillions of dollars to resuscitate America’s manufacturing sector.
The results have been abysmal so far.
The Institute for Supply Management has revealed the industry has been contracting for more than a year.
The S&P Global PMI confirmed that manufacturing is in a recession.
In November, the PMI print was 49.4, down from 50 in October and below the consensus estimate of 49.8.
Ouch.
These are not the only ones to expose shrinking factory activity.
Last month, durable goods orders crashed 5.4 percent, down from the downwardly revised four percent in September. This was also worse than the market forecast of -3.1 percent.
The Chicago Fed National Activity Index fell to -0.49 in October, down from the downwardly revised -0.02.
But the GDP growth rate is 4.9 percent!
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