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Manufacturing Slipping?

The Journal of Commerce is reporting that steel imports were up slightly month-to-month in November, but up 25% year-over-year.  This tracks with manufacturing, reports of the death of which have been greatly exaggerated.  But it’s not a good sign for the upcoming year.  Even as economic activity has rebounded, manufacturing has levelled off below its pre-recession peak:

Graph of Industrial Production: Manufacturing (NAICS)

We’re making more stuff than ever before, we’re not not employing very many people doing it:

Graph of All Employees: Manufacturing

Posted in Economics.