In the latest indication that Donald Trump’s casino-killing magic has at last gone global, the U.S. manufacturing PMI recently shrunk to its lowest level since September 2009.
You’ll recall that Trump has been laser-focused on reviving U.S. manufacturing — just as he was once laser-focused on selling steaks through a mail-order catalog. In other words, he’s failing, big-league.
The U.S. manufacturing PMI (purchasing managers’ index) was 49.9 in August, down from 50.4 in July and below the neutral 50.0 threshold for the first time since September 2009, according to IHS Markit.
Any reading below 50 signals a contraction. The survey is an initial reading for the month of August. The final figure will be released Sept. 3.
And what are the “oranges” of this downturn? The Orange One himself, of course.
Manufacturing had been one of the big winners during the Trump administration, but the tit-for-tat tariffs in the U.S.-China trade war have taken a big bite from the sector. U.S. manufacturing activity slowed to a nearly three-year low in July, based on data from the Institute for Supply Management.
In other words, Trump took a sad song and made it far, far worse.
Personally, I’m tired of all the whining. The winning? Not so much.
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