Manufacturing in Decline, Real Wages Falling & Economic Growth Grinding to a Halt
November 18, 2019
Trump promised he’d bring back manufacturing, raise wages, and strengthen economic growth — by up to 6%. Instead, manufacturing continues to decline, economic growth is expected to barely be positive, and real average earnings fell last month.
Manufacturing declined last month by the most in 17 months.
Reuters: “U.S. industrial production fell faster than expected in October as output for the manufacturing, mining and utilities sectors all fell. The Federal Reserve said on Friday industrial production declined 0.8% last month after an upwardly revised 0.3% decline in September. It was the largest decline since May of 2018.”
Economic growth is expected to slow to close to zero in the fourth quarter.
CNBC: “The U.S. economy will barely grow at all in the fourth quarter, if two Federal Reserve gauges that track gross domestic product are correct. With some recent data coming in below expectations, both the Atlanta and New York Fed’s trackers have lowered their expectations for the last three months of 2019. According to the Atlanta Fed’s GDPNow, growth is likely to come in at just 0.3%. The New York Fed’s GDP Nowcast is showing a gain of 0.4%.”
Real average hourly earnings for workers declined last month.
Bureau of Labor Statistics: “Real average hourly earnings for all employees decreased 0.2 percent from September to October, seasonally adjusted, the U.S. Bureau of Labor Statistics reported today.”