US Manufacturing, Meet Fake News: One Of These Is Wrong

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Top Tier Gear USA

fakenews

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.

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  • dav1bg

    I don’t even open bloomberg articles.

  • HadDone

    huh.

    It is getting to the point that they need to include all the raw data and let the people decipher it as they are chronic ideologues that will lie for convenience.

  • SP_88

    So basically, if we want to give Trump credit for fixing the economy with his brilliant policies and job creating bills, we can believe the Bloomberg article.
    And the Markit article can be used to either slam Trump for not fixing the economy, or it can be used to continue to blame Obama for his disastrous policies that have caused serious damage to our economy.
    Hooray for bullshit, I can have my cake and eat it too!

    Obviously both of these articles can’t be right. But what if they are both wrong? However unlikely, it is possible that they are both wrong if manufacturing is stagnant, as opposed to expanding or contracting.
    Without having accurate data in front of me, I cannot tell which of these articles is right. Manufacturing could be struggling in this economic environment since Obama did so much damage to the economy with policies that sent businesses fleeing the country. But it’s equally possible that because of confidence in Trump’s policies that businesses are moving ahead with the hope that things will be better. And though he has done some things to save and create jobs, he is still just another cog in the ever expanding machine that is our government. But many people just don’t see it that way. They are still hopeful when their party is in power, and they have a grim outlook when the other party is in power. They just haven’t caught on to the fact that everything continues on in the same direction no matter who is in power.
    It’s so easy to distract people by waving a shiny object around.

  • Eyes Wide Shut

    They have different sources. IHS Markit is relying on its own internal research and Bloomberg was reporting a study done by an industry non-profit.