It seems like ages ago that it was all doom and gloom for American manufacturing. But it was just a month ago, after the Institute for Supply Management’s Purchasing Managers Index (PMI) showed a steep December decline, to 54.3%, from November’s 58.8%. Coming amidst rising predictions of an impending U.S. recession, and representing the index’s lowest point since April 2016, it was excellent fodder for the doomsayers. That gloom led to a 660 point drop in the Dow Jones Industrial Average on January 3.
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