Glassman said that despite slow growth in the overall gross domestic product, there are other indicators — relatively low levels of layoffs and strong auto sales, for example — that demonstrate that a relative solid economic recovery has taken hold. The more sluggish pace of recovery in the housing sector, he said, may reveal the opportunity in that sector for more growth ahead.
Full Speed Ahead: Manufacturing Continues to Grow
Economic activity in the manufacturing sector expanded again in August, say the nation's supply executives in the latest Manufacturing ISM Report On Business. The August PMI registered 61.3 percent, an increase of 3.2 percentage points from the July reading of 58.1 percent. PMI is an indicator of the economic health of the manufacturing sector; it's based on five major indicators: new orders, inventory levels, production, supplier deliveries and the employment environment. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting.
Trade war hits scrap yards in Michigan in ways you wouldn't expect
It's hard to imagine that a trade war could turn into a scrap yard fight in Detroit. Yet China is the largest consumer of scrap commodities. And Michigan is a major exporter, generating multimillions of dollars in business when it comes to recycling metals. So when China slapped retaliatory tariffs on aluminum waste and scrap in April, recycling operations, including two deeply-rooted, family-owned businesses in Michigan, found themselves on the front lines of the trade war.