Data hint factories mounting comeback [Jan 2002]

[LiberalFighter]

Data hint factories mounting comeback

A big drop in demand for military airplanes pushed factory orders down in November. But a wide range of goods - including computers and cars - posted gains, suggesting better days may lie ahead for the battered manufacturing sector.
Even though the Commerce Department's report Tuesday showed that orders to U.S. factories fell by 3.3 percent in November, economists were encouraged because orders for so many other categories, including the hard-hit high-tech sector, rose.

Manufacturers have borne the brunt of the ailing national economy, which slid into a recession in March. To cope, they have sharply cut production, trimmed work hours and laid off workers. Last year, factories shed 1.3 million jobs, or about 7 percent of their workforce.

But economists said Tuesday's report and other recent data indicate the worst may be over for the beleaguered industry.

"It's looking to me like the manufacturing sector has hit a bottom," said economist Clifford Waldman of Waldman Associates. "But it is questionable how long manufacturing will be at the bottom. I think we'll see a slow, grudging climb from here."
/snip/

This was published 9 Jan 2002. Where has the economy been after such a positive report?

[The_Casual_Observer]

1. Goes to show you how little is known about the future

[Sagan]

2. this data is pointless...

Ok, so demand rose? Why does that demand have to be filled from U.S. factories? And more importantly, will it?

A LOT of manufacturing jobs are gone for good. The factories are closed. How are these numbers going to change that?

[LiberalFighter]

3. That is the point... this was from 2002

[Robert Oak]

4. analysis tools from the 50's

In reading economic metrics I've discovered these tools are missing
major components, like outsourcing, H1-B, L-1, currency manipulation,
etc. Not suprising this is so dead wrong because that's what
is supposed to happen...but when the US was the dominant economy
and domestic trade (Within the US) was the norm.