Steve Cortes, former Advisor to Trump Campaign.
This is manufacturing new orders. This is by definition forward-looking, an extremely important data set. It just hit 49 and 48, meaning a below 50 contraction. That is a recession.
Let’s put this number in context, [the] all-time high is 71, back in 2003. Trump was elected with this number at 52. His economic program and the Trump boom brought it all the way to 67. Then it tanked into the lockdowns of 2020, not surprisingly. But then what happened after that?
It month’s later soared to another new record, the highest it had seen since 2003, a great handoff to Joe Biden…What did he do with this inheritance, he squandered it.
The worst is yet to come.