5.1.20 US Manufacturing Sector Has Entered a Deep Recession
It is a foregone conclusion that the US economy has entered recession, led by the consumer, which accounts for more than two-thirds of the US economy based on gross domestic product (GDP). The collapse of consumer spending was evident in March personal consumption expenditures data released on Wednesday that showed a record 7.5% month-over-month drop in consumer outlays. It would have been worse if we weren’t stocking our refrigerators and pantries.
The manufacturing sector is also contracting sharply, not surprisingly given the business shutdowns that began in March. Investors had a glimpse of the extent of the hit to manu
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