For the last several months I have described the US as having a “shallow industrial recession.” By that I mean that there has been a significant and prolonged slight downturn in manufacturing. At the same time, the wider economy has held up decently. With 3 of the 4 big coincident indicators for April in the books, let’s take a look.
Recessions are defined as a pronounced and general downturn in production, employment, sales, and income. Here is what happened to employment and income going into the 2000 and 2008 recessions: