The administration of Donald J. Trump has seen an acceleration in U.S. manufacturing activity, to its highest level in nearly 1-1/2 years in July according to Reuters, even with the combined supply and demand shocks that have ravaged the world economy with the most severe downturn since the Great Depression.
Bookings Institute asked, “Is the future one of deglobalization, decoupling, and reshoring of economic activity?” Things seem to be point in Trump’s direction.
“About 72% of industries reported growth last month,” Reuters reported.
They added the technical details reporting, “The Institute for Supply Management (ISM) said its index of national factory activity raced to a reading of 54.2 last month from 52.6 in June. That was the strongest since March 2019 and marked two straight months of expansion. A reading above 50 indicates growth in manufacturing, which accounts for 11% of the U.S. economy. Economists polled by Reuters had forecast the index would rise to 53.6 in July.”
That is much stronger than was expected, allowing Trump to celebrate a little bit along with the overall expansion in the economy for the third straight month
The White House Rapid Response team reported the good news Monday, calling the announcement, “The great American comeback”:
The great American comeback is revitalizing American manufacturing
“U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased”https://t.co/HDWL17o8bT
— White House Rapid Response 45 Archived (@WHRpdResponse45) August 3, 2020
The ISM also reported, “Demand is growing as is evident by the strong gain in the New Orders Index at 61.5%. That represents an increase of 5.1 from the June reading of 56.4%. New orders are being supported by the New Export Orders Index re-entering expansion.”
The New Orders (61.5%) and Production (62.1%) indexes show rates of change that signify a U.S. manufacturing sector returning to work in July after the pandemic induced slowdown. Both had their highest readings since summer/fall.
Manufacturing gains is a large part of Trump’s 2020 Presidential platform:
WATCH @ErinMPerrine: “Despite Democrats’ and Joe Biden’s best effort to root against America," President Trump has created:
✅7.5 mil jobs in 2 months
✅4.8 mil jobs in June ALONE
✅2.8 mil jobs for women
✅350,000 manufacturing jobs
This is the Great American Comeback! pic.twitter.com/bLaiPn2qNB
— Trump War Room (@TrumpWarRoom) July 3, 2020
REASON FOR ECONOMIC NATIONALISM
Protecting the country from too many imports and employing citizens over foreigners, is generally what is called “Economic Nationalism”. President Trump’s America First platform comes from a Populist movement of workers and small business proponents after at least a decade of frustration over the loss of employment and opportunities.
Under former President Barack Obama, there was massive loss of opportunity and jobs.
60,000 U.S. factories have been closed and outsourced. Corporations boast about their profits. GOP blames Obama for no jobs.
— Terry McMillan (@MsTerryMcMillan) January 25, 2011
Republicans were not the ones to champion Economic Nationalism or protecting the American worker until President Trump was elected.
— Uncle Buck's Opinion (@Paidsubscriber) May 9, 2014
No matter how much his opposition tried to stop him, until the Pandemic, Trump’s economy was soaring.
Trump says they've lost 60,000 factories
"Closed. Shuttered. Gone," Mr. Trump said of U.S. factories.
— Linda Hill (@bulldoghill) March 22, 2018
Trump took care of the most neglected American workers, including Farmers.
BREAKING POTUS: since China joined the WTO in 2001, we've closed 60,000 factories in the US and lost millions of jobs/ We will end the chronic trading abuses/ to remedy the injustice to our farmers. ///16 billion in aid going to Farmers to help them weather the trade storm.
— Martha MacCallum (@marthamaccallum) May 23, 2019
The 2020 Presidential election could see a huge amount of crossover from the Democrats, because of the pro-American working-class, Farmer, and pro-small business victories for Trump.
You're talking to someone who voted for Obama in 2012 and didn't vote for Trump in 2016. I could tell you the people who voted for Trump, and it wasn't white supremacists, it was people who were fed up with 60,000 closed factories and almost no wage growth for 20 years
— Jeff_Jones (@NWLibertarian) July 29, 2020