Manufacturing recession or not?

Are we in a manufacturing recession or not? 

It just depends on who you’re talking to. 

Some economists say the US is in a post-pandemic recession with escalating interest rates. Others say we’re in an investment supercycle. 

A June 2023 Axios story entitled “A manufacturing investment supercycle is starting” pointed to the skyrocketing of construction of manufacturing facilities in the US over the last year. 

They wrote: 

“By the numbers: As of April, spending on manufacturing construction — new factories — is tracking at a $189 billion annual rate, triple the average rate in the 2010s ($63 billion).” 

“It’s really gotten the attention of the world,”   Joseph P. Quinlan, head of CIO Market Strategy at Merrill and Bank of America Private Bank, told Axios.

“When you talk to companies in South Korea, Japan, Europe, all they want to talk about is building out a presence in the U.S.”

At the same time, economists are saying the US is in a recession. 

Which is it? 

Read the entire Axios story HERE.