The Manufacturing Boom: Hotter for Longer
The great American manufacturing boom keeps getting harder to deny.
Back in February, we argued in these pages that the conventional dashboard was missing the Trump manufacturing boom . Too many analysts were staring at factory payrolls and overlooking the stronger signals: production, orders, shipments, capital investment, and productivity.
In a labor market facing serious supply constraints, payroll growth is not the best indicator of sectoral health . When unemployment is low and prime-age participation is strong, aggregate payrolls across the economy cannot grow much faster than the labor force on a…
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