The ISM Manufacturing Index is not some abstract Wall Street mood ring. Above 50 means expansion, and under Trump it has now stayed above 50 for seven straight months. July came in around 56, the strongest reading since the pandemic rebound period.
Production, orders, inventories, supplier deliveries, and employment all moved into expansion. That is factory-floor evidence that Trump’s tariffs and tax cuts are forcing capital back home. [Luthman/Navarro]
Good Night, Patriots!
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