Manufacturing as a whole in the U.S. has slowed more than expected again this month. The domestic sector has now contracted for 16 straight months as even more of our labor and assembly is outsourced overseas. Fewer available production jobs place a cap wages as more workers apply for the same position. Before you hang your head down low and begin to contemplate our downhill slide toward extinction, read on and prepare to be so very proud.
Our nation has dramatically ramped up oil production to 13 billion barrels per day. That’s more than any other country has ever produced in the history of the world, and pushes OPEC’s market share down to a new historic low. Cue a 21st century mashup of “The Star Spangled Banner” and the theme song from “Dallas”. Makes you want to drive your lowest MPG vehicle to the political caucus of your choice next Tuesday night with your head held high in solidarity for the great feats that we can accomplish together as one indivisible democracy.
Reduced manufacturing productivity (fewer jobs, slowing economy) and higher oil production (lower fuel prices) are both disinflationary, and set the stage for lower interest rates sometime in the next decade, plus the liberty, justice, and all that jazz that will assuredly follow suit.
Have a great weekend, as we March toward spring.
