No amount of tax cuts for the rich or saber-rattling against China can mask the fact that the Republican Party and our current president are bad for the business of America. Bloomberg reports that the “Institute for Supply Management’s purchasing managers index fell to 49.1 in August.” This is a gauge used to measure a country’s manufacturing growth. A result below 50 means our economy isn’t simply slowing down; it’s shrinking. These numbers came as something of a surprise, dipping below the already tepid expectations of economists.
The ISM’s press release points out, “Comments from the panel reflect a notable decrease in business confidence.” The release also says that Trump’s trade conflict with China continues to be a big problem for manufacturers’ confidence. This report comes on the heels of other economic markers pointing to a coming recession—something the Trump administration denies is even a possibility.
This is the first time the managers index has contracted since 2016. The ISM also found that new orders dropped to a seven-year low. Winning!