The U.S. manufacturing sector is coming back, we learn from the Federal Reserve’s industrial production report. Last month’s gain was 0.9 percent, more than making up all the ground lost in the early months of this year. Looking forward, production will continue to expand, but don’t expect a lot more factory jobs.
Manufacturing is the largest component of industrial production. The overall industrial numbers are pushed around by utility production, which rises or fall as weather is unusually warm or cold. Manufacturing is thus a better gauge of underlying economic activity than industrial production.
Click here to read the full column by Bill Conerly on www.Forbes.com
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