Fact-Checking Biden’s Claim That Manufacturing Is Booming Under Him

Conservative News DailyApril 9, 2023

President Joe Biden asserted that U.S. manufacturing is” booming” under his watch as he began an” Investing in America” tour of the country’s’s factories. A recent report disputes the Biden administration’s’s praise for these so-called” historic leaps.”

CLAIM: When Biden delivered remarks Monday at the Cummins power-generation facility in Fridley, Minnesota, his official Twitter account claimed that his “economic agenda has led to a Made in America manufacturing […] boom.” In a follow-up tweet, his POTUS account posted Monday night: “We’re investing in America – with historic leaps in manufacturing […] And it’s working.”

FACTS: U.S. manufacturing has plummeted to a new low since the start of the COVID-19 pandemic, according to a report released on the same day as Biden’s speech. Monday’s survey shows that the Institute for Supply Management (ISM)’s manufacturing index—known as the PMI—reached its lowest level (46.3%) since May 2020. Without factoring in the pandemic recession, the composite index reading hit its lowest point since 2009. A PMI below the 50% threshold is indicative of decline.

According to a Bloomberg view of economists, the sharp decline was much worse than analysts had anticipated and well below the median estimate of 47.5 %. America’s’s provide executives report in the most recent ISM development state that, in addition to the three-year low, economic engagement in manufacturing sector decreased in March for the second consecutive month under Biden.

As panelists become more worried about when production growth will resume, original order rates continue to be slow. Timothy Fiore, chairman of the Manufacturing Business Survey Committee at ISM, makes a press release outlining the results. ” Price imbalance persists, but future claim is uncertain as businesses continue to reduce bottlenecks and late deliveries.”

Manufacturer criticism is generally depressing. Sales of transportation equipment are” slowing at an increasing rate ,” according to manufacturers of electrical equipment, machines, and parts, while” new purchases are starting to lighten.” Chemical product manufacturers claim that prices have decreased and that expenditures have been cut with a greater emphasis on discounts.

The ISM magazine predicts that” the road will be rough for at least the second half of the year.”

RATING: Biden’s claim that America is experiencing a manufacturing “boom” is blatantly FALSE. Manufacturing has contracted for the fifth month in a row, the ISM report found. Analysts say its findings should be viewed as a window into the health of the U.S. economy.