{"id":706622,"date":"2010-04-01T10:53:59","date_gmt":"2010-04-01T14:53:59","guid":{"rendered":"http:\/\/blog.metasd.com\/?p=949"},"modified":"2026-10-04T11:58:20","modified_gmt":"2026-10-04T15:58:20","slug":"us-manufacturing-are-you-high","status":"publish","type":"post","link":"https:\/\/mereja.com\/index\/706622","title":{"rendered":"US manufacturing \u2026 are you high?"},"content":{"rendered":"<p>The BBC today carries the headline, &#8220;<a href=\"http:\/\/news.bbc.co.uk\/2\/hi\/business\/8599343.stm\">US manufacturing output hits 6 year high<\/a>.&#8221; That sounded like an April Fool&#8217;s joke. Sure enough, <a href=\"http:\/\/research.stlouisfed.org\/fred2\/series\/OUTMS\">FRED shows manufacturing output<\/a> 15% below its 2007 peak at the end of last year, a gap that would be almost impossible to make up in a quarter. The problem is that the <a href=\"http:\/\/www.ism.ws\/ISMReport\/MfgROB.cfm\">ISM-PMI<\/a> index reported by the BBC is a measure of growth, not absolute level. The BBC has confused the stock (output) with the flow (output growth). In reality, things are <a href=\"http:\/\/research.stlouisfed.org\/fred2\/series\/NAPMNOI\">improving<\/a>, but there&#8217;s still quite a bit of ground to cover to recover the peak.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The BBC today carries the headline, &#8220;US manufacturing output hits 6 year high.&#8221; That sounded like an April Fool&#8217;s joke. Sure enough, FRED shows manufacturing output 15% below its 2007 peak at the end of last year, a gap that would be almost impossible to make up in a quarter. The problem is that the [&hellip;]<\/p>\n","protected":false},"author":769,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4821],"tags":[],"class_list":["post-706622","post","type-post","status-publish","format-standard","hentry","category-news"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9NivD-2XP8","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/706622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/users\/769"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/comments?post=706622"}],"version-history":[{"count":1,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/706622\/revisions"}],"predecessor-version":[{"id":808206,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/posts\/706622\/revisions\/808206"}],"wp:attachment":[{"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/media?parent=706622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/categories?post=706622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.com\/index\/wp-json\/wp\/v2\/tags?post=706622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}