On Tuesday, Breitbart posted an article about The S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) for December.
The article reports:
The S&P Global U.S. Manufacturing Purchasing Managers’ Index (PMI) fell at the fastest rate since May 2020 in December, a continuing sign that the manufacturing sector is on the decline, S&P Global reported Tuesday.
The U.S. Manufacturing PMI posted a 46.2 in December, down from 47.7 in November and solidly below 50, which signals that the sector is contracting, according to S&P Global. Production levels contracted in back-to-back months, with new sales plummeting at the end of December at the fastest pace since 2007, as companies cited weakening demand amid “economic uncertainty” and inflation weighing on customers.
The article concludes:
The broader labor market remains incredibly tight, with hiring far surpassing investor expectations in November, according to the Bureau of Labor Statistics (BLS). However, even as the market remained tight, the BLS estimated that manufacturers added just 14,000 jobs in November, while private payroll firm ADP estimated that manufacturers actually lost 100,000 employees in November.
“While unemployment is a lagging indicator, manufacturing often lags less than the labor market as a whole,” said Antoni. “For manufacturing to bounce back, we need to see DC scale back the taxing, spending, and—perhaps most importantly—the regulating.”
Until we elect a President who understands the impact of regulations on businesses, our economy will not recover from the damage done to it by the shutdowns and the economic policies of the Biden administration. Unfortunately, policies made in Washington have a major impact on how Americans live their lives. This was not what the Founding Fathers envisioned–they wanted each state to make the laws impacting the people within that state. The states were to act as laboratories–when something worked well in one state, it could be implemented in other states. Unfortunately, we are seeing too many examples of things that have not worked being implemented. We need state leaders who will stand up to the federal government and contest anything that does not fall within the purview of the Tenth Amendment.