Purchasing Managers Report That Production Declines Yet Again

Today brings some more sobering news on the economic front. The monthly Purchasing Managers Index declined yet again in September, capping a ten-point drop over the past year. It is now well below 50, the point at which activity is not merely growing slowly, but actually contracting:

Virtually every subindex declined in September, as did 15 out of 18 industries (the three exceptions were Miscellaneous Manufacturing; Food, Beverage & Tobacco Products; and Chemical Products).

Over the past four months, production is down, employment is down, inventories are down, customer inventories are down, prices are down, exports are down, and imports are down. All are below 50. “Global trade remains the most significant issue,” said the chair of the ISM, “as demonstrated by the contraction in new export orders that began in July 2019. Overall, sentiment this month remains cautious regarding near-term growth.”

If global trade weren’t in such a rut, all of these indexes would likely still be expanding. Thanks, Donald.

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Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

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Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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