The weight of data now suggests that American industry is slowing its pace of production. Observers are already raising the risk of recession in 2019. A big reason is that exports to China are likely to fall, due to China’s own slowdown as well as the trade war. But if we take the long view, a temporary lull could actually have a major upside for American factories. As a (mostly gentle) shock to the system, the slowdown will give companies more space to prepare for an industrial future quite different from today’s. And that future will enable them to better handle future slowdowns.
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