Breitbart Business Digest: Economic Slump Signs Are Spreading

The composite index fell to minus 11 in January, significantly worse than the minus 3 consensus forecast of analysts surveyed by Econoday. All three components of the headline index—shipments, new orders, and employment—declined.

Expectations for shipments and orders six months from now remain negative but less so than in the December survey.The employment index dropped to minus three from positive three. This, however, was not accompanied by an easing in wage pressure. The index of wages jumped from 37 to 41. As recently as November, this was down at 25. This is the highest level for the wages metric since September of 2021. Expectations for payrolls and wages six months ahead rose.

There was some good news on inflation and supply chains. The average growth rate of prices paid and prices received fell in January, and expectations for price inflation over the next 12 months fell to a level much lower than last year’s. Even with the declines, however, inflation remains—and is expected to remain—well above the Fed’s target. On average, manufacturers report paying 7.91 percent more for materials and components and charging 6.52 percent more for their products than a year ago.

I would have thought that index would be below sea level by now. Perhaps off the Hudson Canyon. It will take a leader who understands and really wants manufacturing in America to flourish to get this out of the depths. Who could that be?

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