US manufacturing activity drops in March, nears 3-year low: Media Miss

MAHMOUD BENNETT: BAD NEWS FOR THE BIDEN ADMINISTRATION WHEN IT COMES TO U.S. MANUFACTURING. ACCORDING TO THE INSTITUTE FOR SUPPLY MANAGEMENT — MANUFACTURING ACTIVITY DIPPED TO ITS LOWEST LEVEL IN NEARLY THREE YEARS LAST MONTH.

THE INSTITUTE’S PURCHASING MANAGERS’ INDEX — OR PMI — FELL FROM 47-POINT-7 PERCENT IN FEBRUARY — TO 46-POINT-3 IN MARCH. THE NEW ORDERS INDEX HAD AN EVEN SHARPER FALL — DROPPING FROM 47 PERCENT TO 44-POINT-3 PERCENT.

FOR THE FIRST TIME SINCE 2009 — EVERY SUB-COMPONENT OF THE P-M-I WERE BELOW 50 PERCENT. A READING BELOW 50 PERCENT GENERALLY INDICATES THAT MANUFACTURING IS CONTRACTING.

WHILE IT MAY NOT BE A GOOD SIGN FOR ECONOMIC GROWTH — THE NUMBERS MAY BE A SIGN OF RELIEF FOR THE FEDERAL RESERVE. THE FED HAS RAISED ITS BENCHMARK LENDING RATE NINE TIMES IN THE PAST 13 MONTHS IN AN EFFORT TO COOL HIGH INFLATION. THIS MAY BE A SIGN THAT THOSE HIKES ARE STARTING TO WORK.

THIS STORY IS CONSIDERED A MEDIA MISS — AS IT HAS BEEN UNDERREPORTED BY LEFT-LEANING OUTLETS. AT STRAIGHT ARROW NEWS — WE WORK TO BRING YOU A VARIETY OF STORIES.

MANUFACTURING TOOK A HARD HIT DURING THE PANDEMIC — AS SUPPLY CHAIN ISSUES MARRED THE FIRST TWO YEARS OF JOE BIDEN’S PRESIDENCY. IT WOULD MAKE SENSE THAT OUTLETS THAT ARE MORE SUPPORTIVE OF THE PRESIDENT WOULD BE MORE HESITANT TO REPORT ON SLOWDOWNS IN MANUFACTURING.