U.S. factories are struggling so badly that the manufacturing sector is officially in a recession, according to a Bloomberg report. It’s thanks in large part to Trump’s trade war with China.
New data released Tuesday shows shrinking orders, production, and hiring in the manufacturing industry, hitting a three-year low. The news follows worrisome data from August showing new manufacturing orders and exports hit a 10-year low.
Factories are struggling so much that the manufacturing industry is “technically already in a recession in the U.S.,” Bloomberg wrote. A recession is defined as when the Federal Reserve observes two straight quarters, or six months, of declining output.
View the complete September 3 article by Dan Desai Martin on the National Memo website here.