Breitbart By JOHN CARNEY
Despite Kamala’s Talk of Factory Boom, Manufacturing Is Actually Slumping
The economy is not cooperating with Kamala Harris’s attempt to turn the Biden-Harris economic record into a political advantage.
A key part of the pitch that Harris has made to Americans as she seeks the presidency turns on the U.S. manufacturing sector, which the vice president recently claimed is booming. The trouble is that the manufacturing sector is actually in a serious slump deep enough that it threatens the labor market, the construction sector, and growth in the broader economy.
The Institute for Supply Management (ISM) on Thursday released the results of its latest monthly survey of executives in the manufacturing sector. The so-called Purchasing Managers Index (PMI) slip to 46.8 in July from 48.5 in June. Numbers below 50 indicate a contraction.
Manufacturing has been in contraction for four straight months, according to the ISM. In fact, it has been in contraction for 20 out of the last 21 months.
In July, that contraction got even worse, with the index falling to the lowest level in eight months.
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