The economy is not cooperating with Kamala Harris’s attempt to turnA key part of the pitch that Harris has made to Americans as she seeks the presidency turns on the U.S. manufacturing sector, which the vice president recently claimed is booming. The trouble is thatdeep enough that it threatens the labor market, the construction sector, and growth in the broader economy. on Thursday released the results of its latest monthly survey of executives in the manufacturing sector.
“Business conditions worsened in July as the first fall in new orders since April caused a near-stalling of production. Purchasing activity is falling and hiring has slowed amid concerns over weaker-than-anticipated sales,” said Chris Williamson, chief business economist at S&P Global., S&P says employment in manufacturing continued to grow. But only sluggishly—at the slowest pace since January.
to convince corporate America to pour money into domestic manufacturing facilities. This has worked in the most direct sense: last month, construction spending occurred at an annual pace of more than $235 billion. Compared with a year ago, construction spending on manufacturing is up 19 percent. Compared with the prepandemic level, it is up a stunning 200 percent.The economy added 235,000 construction jobs in the 12 months through June, about nine percent of overall job growth.
Vice President Kamala Harris visits a construction site on February 20, 2024, in Pittsburgh. . Manufacturing employment is up by just 5,000 jobs over the past year. Payrolls grew in just two of the first six months of this year. Last month, they fell by 8,000. Wall Street thinks that manufacturing payrolls probably shrank again in July.
Even the construction jobs are likely to be drying up. Spending on factory construction grew just 0.1 percent in June, suggesting that. It’s very likely that building will remain sluggish in the future because many of the projects undertaken over the last two years were borrowed from the future, pulled forward in time by the subsidies. That’s a tactic that can make sense in an economic downturn but is wasteful in an expansion.
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