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We Haven’t Seen a Manufacturing Slowdown Like This Since the Last Financial Crisis

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By Michael Synder / Economic Collapse

This isn’t what was supposed to happen.  According to the economic optimists, there was going to be a great “manufacturing renaissance” as America entered a wonderful new golden age of boundless prosperity.  But of course that is not what has happened.  Manufacturing activity has been declining for the past three months, and all across the country we are seeing economic conditions rapidly deteriorate.  Over and over, we are seeing economic numbers that are worse than anything we have seen since the last recession, but the economic optimists keep assuring us that these are just temporary blips on the way to America’s glorious economic renewal.  Well, they can keep believing in a mirage of future prosperity if they want, but the hard numbers keep telling us another story.  For example, the Chicago Purchasing Managers Index has now fallen to a level that was “last sustained during the financial crisis”

In the middle of the country, it already feels like a manufacturing recession for many business owners.  Manufacturing facilities are being closed down, machines are being idled and thousands of workers are being let go.  The following comes from a CNBC article about our current manufacturing slowdown


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That sure doesn’t sound like a “booming economy” to me.

So far this year, thousands upon thousands of manufacturing workers have been laid off in the Upper Midwest.  By now, we were supposed to be adding large numbers of these good paying jobs, but instead we are losing them at a frightening pace.

In fact, it is being reported that more than 8,000 manufacturing jobs have been lost in the key state of Pennsylvania alone…

Of course it isn’t just the manufacturing industry where employment is cooling off.  At this point, the number of job openings in the U.S. has fallen to an 18 month low, and it is expected to fall ever further in the months ahead.

Things have already gotten so bad that the mainstream media is running articles about how ordinary Americans can prepare for the coming recession.  For instance, the following comes from a CNN article entitled “What can you do now to financially prepare for a layoff later?”

And remember, all of this is happening even though the federal government is running trillion dollar deficits and the Federal Reserve is using up all the ammunition that they should be saving for the depths of the next recession.

In essence, the authorities are already implementing emergency measures in a desperate attempt to support the faltering U.S. economy, but it isn’t working.

This week, we learned that orders for Class-8 trucks in the month of October were down 51 percent from a year ago.

Can anyone explain to me how that is consistent with the “booming economy” narrative that the economic optimists are endlessly pushing?

Unfortunately, the truth is that we can see signs of a major slowdown all around us.  U.S. business hiring has fallen to a 7 year low, the Cass Freight Index has declined for 10 months in a row, and manufacturing is now the smallest share of the United States economy that it has been in 72 years.

But despite all of the evidence that is staring them right in the face, the economic optimists continue to insist that everything is probably going to be okay.  In fact, Goldman Sachs CEO David Solomon is telling us that “the chance of a U.S. recession between now and the election is small”

Of course the truth is that American consumers are actually not “very healthy” at this moment.  Consumer confidence has fallen for 3 months in a row, and 44 percent of all Americans currently do not make enough money to cover their monthly expenses.

That is one of the reasons why consumers are piling up staggering amounts of debt, and that consumer debt bubble is starting to burst.

Unfortunately, the economic optimists will continue to push their false narrative up until the very end, and lots of people will believe them.

You can believe them too if you want, but it won’t change what is about to happen.

The crisis that so many have been anticipating is starting to play out, and our problems are likely to greatly accelerate in the months ahead.

About the Author: I am a voice crying out for change in a society that generally seems content to stay asleep. My name is Michael Snyder and I am the publisher of The Economic Collapse BlogEnd Of The American Dream and The Most Important News, and the articles that I publish on those sites are republished on dozens of other prominent websites all over the globe. I have written four books that are available on Amazon.com including The Beginning Of The EndGet Prepared Now, and Living A Life That Really Matters. (#CommissionsEarned) By purchasing those books you help to support my work. I always freely and happily allow others to republish my articles on their own websites, but due to government regulations I need those that republish my articles to include this “About the Author” section with each article. In order to comply with those government regulations, I need to tell you that the controversial opinions in this article are mine alone and do not necessarily reflect the views of the websites where my work is republished. This article may contain opinions on political matters, but it is not intended to promote the candidacy of any particular political candidate. The material contained in this article is for general information purposes only, and readers should consult licensed professionals before making any legal, business, financial or health decisions. Those responding to this article by making comments are solely responsible for their viewpoints, and those viewpoints do not necessarily represent the viewpoints of Michael Snyder or the operators of the websites where my work is republished. I encourage you to follow me on social media on Facebook and Twitter, and any way that you can share these articles with others is a great help.

http://theeconomiccollapseblog.com/archives/we-havent-seen-a-manufacturing-slowdown-like-this-since-the-last-financial-crisis


 

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    • Rockledge

      Republican administrations always orchestrate manufacturing slowdowns.
      Nothing new.

      We have a choice, vote republican and vote for decency and honesty ( which is bullshit, but that is what they claim to be about)
      or vote for democrats and keep your property and money ( which is what the democrats were about through Clintons reign, but are no longer, and now seem to want to impoverish anyone with any morals) .

      Losing everything we have busted our asses for is the price we pay to have a slight hope of having borders again.

      It appears as though Trump could be just another neocon and one of them instead of one against them.

      We will see. And probably suffer the consequences.
      Such is capitalism.

    • b4

      the only number that really matters—158+ million on payrolls–anything else is noise–when my wife got out of college in 1975 she had a full time job and two part time jobs and we were in the middle of a butt kicking recession –that is how you get ahead–go to work!!! i was working 80 to 100 hours a week my self back then and her and i drove beater cars and could care less about living the good life–we saved every penny and were millionares by the age of 30 and then we lived the good life…

      • Rockledge

        Just because you lucked into work that paid doesn’t mean everyone is in the same situation.
        I’ve been a working man all my life, when not working for others working for myself, and during reaganomics I was working for less than half of what it cost to live, and was only working to keep up a work history because I certainly was not making enough money to say I had a job.

        But I am not fool enough to bury my head in the sand and not realize that there are a lot of people in this country who simply cannot find work that pays enough to be able to afford the expenses of working.
        I was lucky, I was in the work force before reagan destroyed the economy and had built up a work history prior.

        Young people now do not have that luxury, manufacturing is gone and companies want people to work for almost free.
        And with no benefits, I always had medical care and retirement plans that came as part of my compensation.
        Not only are wages and medical care not now part of compensation, wages are far too low for most to be able to afford health care plans or to save for retirement.

        Young people have no real reason to go to work, those who work for a living are penalized in this country and their wages robbed from them to subsidize criminal invader labor that helps keep their wages down.
        Young people simply have no future to look forward to other than being a slave to the system from the cradle to the grave.
        People can talk ill of millenials all they want, but the sad fact is they just simply have no reason to be optimistic or to work hard, because it is obvious both are futile.

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