Manufacturing is slumping again... but this time it’s the president’s fault, says TimMullaney
We don’t yet know how Democrats will run against President Donald Trump’s economic record. But we know exactly, after Friday’s jobs report, how Donald Trump would run against it.
But the juicy part for the majority of the country that disdains Trump may be that the economy, slowed by a drop in exports looks so much like what was going on as he prepared to run in 2015.“Whom the gods would destroy they first make mad,” the poet Henry Wadsworth Longfellow wrote in 1875.
So your money is in not much worse shape than it was before Trump started his trade war — a conclusion bolstered by the fact that the Standard & Poor’s 500 SPX, +0.09% , for all the turmoil recently, has still returned 3.03% in the last year, buffeted between a brief bear market last fall and a 19% gain this year.
As in early 2016, the manufacturing sector, export-led as it is, is heading into a recession. Back then, manufacturing’s slowdown didn’t tip the broader economy into recession, and it doesn’t seem likely now, either.
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