Worrying news: U.S. manufacturing contracts for the first time in three years
While there have been encouraging reports in recent months that firms might be reshoring manufacturing jobs from overseas, it appears that hope for a "manufacturing rebound" might be a bit premature.
Some troubling news...
- The Institute for Supply Management’s (ISM) index showed that U.S. manufacturing activity unexpectedly shrank in June for the first time in almost three years.
- The Philadelphia branch of the Federal Reserve reported last week that the northeast U.S. manufacturing sector actually contracted last month, indicating weaker business conditions for the second straight month. The report was far worse than analysts were expecting.
- The Federal Reserve Bank of Kansas City also reported manufacturing activity slowed sharply last month.
To get manufacturing back on its feet, the U.S. urgently needs to implement a national manufacturing strategy to rebuild its industrial sector.
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