As NAM Chief Economist Dave Huether opined here over the weekend, a raft of manufacturing data has investors on edge. Some of it, such as the Institute for Supply Management (ISM) index showed a manufacturing reading of over 52, up from the January reading of 49.3. That was higher than Wall Street expected and was a plus on the future. The other manufacturing measure that affected markets was the significant dip in durable goods that was unexpected and the largest drop in three years.
What’s the point? It’s that manufacturing definitely matters to the economic future of this country and Wall Street is sending those signals loud and clear. Manufacturing has over 14 million employees and is the biggest sector determining economic growth prospects, so the Wall Street men and women seem to be clued in. Do members of Congress hear them? Or are they too wrapped up in enacting labor’s anti-competitive agenda and tending to the green’s heavy regulatory hand?
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