“The February report for the purchasing managers index (PMI) came in at 54.2, a number that indicates expansion in the economy. Even better, the new orders index posted a reading of 57.8. But these numbers mask a continuing decline in U.S. manufacturing, according to a report in yesterday’s Wall Street Journal.
The March PMI consensus estimate calls for a slight drop to 54, which indicates that expansion is continuing, but the problem remains that more businesses are closing than are opening. Job numbers have grown by 500,000 in manufacturing since early 2010, surely a good sign. However, the Wall Street Journal notes that 5.7 million manufacturing jobs fled the United States in the decade from 2000 to 2010.
One way to gauge the success of U.S. manufacturing is how much the country exports….”
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