US Manufacturing, Meet Fake News: One Of These Is Wrong
The state of US manufacturing at any given moment is supposed to be simple: it is either expanding, or it is contracting. Except, of course, when it is doing both.
We wont bore readers with details (we did that earlier), and instead will just present two headlines with some supporting data, from two different sources discussing the sector which, with all due respect to the US services sector, still accounts for well more than half of the S&P’s net income.
First, here is Markit, which in its June report on US manufacturing said that “Manufacturing growth weakens again in June” with the chief economist at IHS, Chris Williamson, saying “Manufacturers reported a disappointing end to the second quarter, with few signs of growth picking up any time soon.”
And then there is Bloomberg, which in a featured article writes “Manufacturing Pickup in U.S. Signals Boost to Economic Growth” and adds “American factories powered up in June at the fastest pace in nearly three years, with robust advances in production, orders and employment that indicate a firming in the economy”
Good luck spotting the real fake news.