Trump Promised To Bring Back Manufacturing, But The Industry Just Hit A 10-Year Low

Trump promised to bring back manufacturing and create jobs, but he hasn’t. Instead, the manufacturing industry just sunk to its lowest level in over a decade and manufacturing employment growth has stalled. It’s no wonder half of Americans disapprove of Trump’s handling of the economy, the largest percentage of his presidency.

The manufacturing industry sunk to its lowest level in over a decade, and manufacturing employment growth has essentially come to a halt.

CNBC: “A gauge of U.S. manufacturing from the Institute for Supply Management showed the sector contracted to the lowest level in more than 10 years in September.  The ISM U.S. manufacturing Purchasing Managers’ Index fell to 47.8% in September, the lowest since June 2009, marking the second consecutive month of contraction.”

Bloomberg: “A Fed measure of production already signaled U.S. manufacturing is in a recession when it contracted in the first half of this year.  The pullback in the employment gauge, to 46.3 from 47.4, comes amid economist projections that the main monthly Labor Department report Friday will show limited manufacturing payroll growth.”

Half of Americans now disapprove of Trump’s handling of the economy ,the largest economic negative rating of his presidency.

CNBC: “The president’s economic approval numbers also took a hit, declining to 42% from 48% in the May CNBC survey. Fifty percent of Americans now disapprove of Trump’s handling of the economy, up from 43% in May and the largest economic negative rating of his presidency. It’s only the second time since taking office that a CNBC survey found more Americans disapproving of his handling of the economy than approving.”

The manufacturing industry continues to contract in the Upper Midwest, where Trump had promised to bring factory jobs back.

Reuters: “Manufacturing industries in the U.S. upper Midwest contracted further in September, prompted by a pullback in production and employment amid ongoing U.S.-China trade tensions, a private survey released on Monday showed.  An index developed by Marquette University and published by the Institute for Supply Management-Milwaukee, which measure factory activities in parts of Wisconsin and the Illinois area, fell to 45.41 in September from 47.29 in August.  A reading below 50 means the region’s manufacturing sector is contracting.”

CNBC: “Looking at some of the employment data for this year: Wisconsin has lost 5,000 manufacturing jobs. Pennsylvania has lost 8,000 manufacturing jobs.”

New Commerce Department data shows construction spending barely grew last month as investment in manufacturing plants dropped again.

Reuters: “U.S. construction spending barely rose in August as the largest increase in private residential investment in nine months was offset by a second straight monthly decline in outlays on nonresidential projects. The Commerce Department said on Tuesday construction spending edged up 0.1%. Data for July was revised down to show construction outlays unchanged instead of nudging up 0.1% as previously reported.”

Reuters: “Spending on private nonresidential structures, which includes manufacturing and power plants, dropped 1.0% in August to the lowest level since January 2018. Investment in private nonresidential structures decreased 1.6% in July.”