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- BefundIndustrial Policy
Core capital-goods orders took three years to return to their 2022 figure
The monthly average rose from 62 billion dollars in 2020 to 77 in 2022, then ran 75, 74 and back to 77. The figure counts dollars and is not adjusted for prices, so a return to the same number is not a return to the same order book.
- BefundIndustrial Policy
Manufacturing output has been below its 2017 level in every year since 2020
The manufacturing index read 93 on a 2017 base of 100 in 2020 and 97.3 in 2025, with a high of 98 in 2022. Total industrial production, on the same base and from the same board, crossed 100 in 2022 and has stayed above it, and the distance between the two lines has widened at every step since 2021.
- BefundIndustrial Policy
Factory construction spending fell in 2025 after four straight years of increase
The monthly average rose from 75 billion dollars in 2020 to 244 billion in 2024, then fell to 215 billion in 2025, the only fall in six readings. Nonresidential construction spending, from the same agency and on the same basis, rose in that same year.