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The November 2019 Manufacturing ISM® Report On Business® has some grim statistics.

  1. PMI, new orders, production, and employment down 4th month
  2. Prices and inventories down 6th month
  3. Backlog of orders down 7th month
  4. New export orders contracting

GM Strike Ended

The GM strike ended on October 25. The Econoday consensus expected some improvement. Nope.


Today, in a surprise Tweet, Trump Restores Steel and Aluminum Tariffs for Argentina and Brazil.

This will raise input prices on US manufacturers when prices have fallen for 6 months.

Perhaps Trump still expects a deal with China but China is demanding more than Trump wants to give.

Phone Chips

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Also recall Trump banned US companies from buying US-manufactured chips for its phones.

Guess what?

China was once very dependent on US chips for its phones. The Latest Chinese Phones Have No US Parts.

Trump has since rescinded the parts ban, but now it's too late. Trump cut off supplies so China looked elsewhere.

US farmers are still suffering.

Another Recession Warning

Here's yet another recession warning: Freight Volumes Negative YoY for 11th Straight Month.

Trump's trade policies have been an absolute disaster.

No, we are not "winning big" no matter how many times Trump repeats that lie.

Mike "Mish" Shedlock