This is not good. For all the talk of “on-shoring” by the Biden Administration, its actual policies belie their talk, and now it is starting to show up. A chart and prose (and more at the link but essentially saying the same thing):
US Manufacturing “Took Sharp Turn For The Worse” In June
Despite the recent resurgence in upside surprises for US macro data, the US Manufacturing sector remains deep in contraction (sub-50) based on the ISM and PMI surveys driven by a sharp fall in new orders.
- S&P Global US Manufacturing 46.3 for June, down from 46.9 prior.
- US ISM Manufacturing 46.0 in June, down from 46.9, big miss relative to 47.2 exp
(click to embiggen)
And growth is gone – this 50 line means no growth at all:
We’ve been listening to scares talk of recession or deep recession for quite some time – is this a foretelling? The SMAHT PEOPLE that seem to want to rule us have created policies (financial, taxation, environmental, regulatory) that all have made making stuff here in the US harder to start, more difficult to do, and taking profit out of the effort ending up with off-shoring that profit (and the jobs needed to create it).
That seems to be a bit of cognitive dissonance with the Eco-Enviros, hard Socialists, and the drizzling of Communists embedded in the Biden Administration, right?
(H/T: Zero Hedge)
