The Cefa Brief

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  • КомментарийIndustrial Policy

    The order book everyone quotes is measured in dollars that changed size

    New orders for durable goods reached 311.2 billion dollars in 2025, the highest reading in five years. It is a current-dollar figure stated as a monthly rate, and it is routinely read as neither of those things.

  • КомментарийEconomic Security

    Before the next plant, explain the idle line

    American manufacturing used 75.3 percent of its capacity in 2025, against 77.6 percent in 2022. A programme that pays to add capacity without accounting for the capacity already standing is not an industrial policy. It is a construction policy.