U.S. manufacturing index plunges to decade low“As I predicted, Jay Powell and the Federal Reserve have allowed the Dollar to get so strong, especially relative to ALL other currencies, that our manufacturers are being negatively affected. Fed Rate too high. They are their own worst enemies, they don’t have a clue. Pathetic!” Trump
The U.S. manufacturing Purchasing Managers’ Index has fallen into recession territory. Tuesday’s figure is the lowest reading since June 2009. Contrary to the brilliant one’s charge, experts say that the trade war is resulting in the contraction in new export orders. In the meantime, China appears to be winning Trump’s war. On Monday, China’s Caixin purchasing managers’ index, a private survey of the country’s manufacturing activity, had its strongest reading since February 2018.
Posted 02 Oct 2019 by theaveeditor in Misc.
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For the past few weeks there has been a strike at GM. This is impacting US manufacturing. Workers in the US can strike while workers in a workers paradise cannot.
Of course the Chinese manufacturing numbers are good this month. It is the 70th anniversary. All the workers are getting a week off. No impact on the numbers.
The FEDS preference for a strong US dollar has been a perennial trade issue. Many economists believe the strong US dollar hurts our manufacturing. They even produce dreary charts. I doubt Adam Smith was overly fond of a country’s currency being overly strong. He probably thought the strength of the English pound hurt British trade, but there was all that mercantile stuff he was against,,,guess tat included the love of the strong English pound by politicians and economists of his day. The silver dollar went much further in those days. And gold guinea went even further.