This time it’s manufacturing: U.S. manufacturing expanded in July at the slowest rate in 19 months. This is consistent with slowing GDP growth, which is expected to decline from an unacceptable 1.9% rate in the first quarter to an even worse 1.5% rate in the second.
There is no sugarcoating the bad news. The administration had hoped that improving economic numbers might fuel an Obama resurgence in the summer and fall, but it isn’t happening; things are getting worse rather than better. At this point the administration, out of ideas, can’t do much but sit back and watch the bad news accumulate.
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