Manufacturing Slump Despite Kamala Harris's Claims
Despite Kamala Harris's claims of a manufacturing boom, the sector is actually in a serious slump, with the ISM reporting contraction for four straight months. The S&P Global PMI also recorded a deterioration in business conditions, with new orders declining and hiring slowing. Although the Biden-Harris administration's subsidies and tax breaks have led to increased construction spending, job growth has been primarily in construction, not in manufacturing.
Key Points
- ISM reports manufacturing sector in contraction for four straight months
- S&P Global PMI also records deterioration in business conditions
- Job growth primarily in construction, not manufacturing
Pros
- Increased construction spending
- Job growth in the construction sector
Cons
- Manufacturing sector in a serious slump
- Contractions reported by both ISM and S&P Global PMI
- Slow growth in actual factory jobs