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Good News on Manufacturing

By Charles Payne, CEO & Principal Analyst

We also received good news on manufacturing from two Fed regions . The Empire State Manufacturing Index (ESMI) came in substantially better than expected.  


  • Headline
  • New Orders
  • Shipments highest since Nov 30, 2007

The Philly Fed report was slightly less than consensus, but its key components point to a continued momentum: 

  • New orders +11 points
  • Shipments +17 points

There are supplemental questions that point to the biggest obstacle to growing the economy, especially manufacturing:

  • 64% Shortage of Labor
  • 70% Skills Mismatch

While there has been a marked improvement in the skills gap in production, machinery, and tools; still, 67% say it’s a problem.

In addition, a computer skills gap was noted by 35% of respondents from 25% a year ago, and a shocking 21% said a proficiency in English is a big skills issue, up from only 9% in 2017.

It’s nuts to consider there’s a lack of job candidates who can speak English.  A lot of this reflects on the fact there is still more money to be made chilling out rather than getting a job.  That’s beginning to change, along with the notion that a near-term hit to the wallet would only be temporary.



Charles Payne
Wall Street Strategies


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