New Factories Are Coming to the US, Even as Existing Ones Struggle
- US manufacturing fell for ninth straight month in July
- Investment subsidies, strong service sector complicate outlook
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There’s a lot of talk about bringing manufacturing back to the US as new factories spring up across the country. But the old ones aren’t doing so great.
US manufacturing activity contracted for a ninth straight month in July, according to data published Tuesday. That’s a sharp contrast with the surge in factory construction — in the wake of recent subsidies enacted by Congress and President Joe Biden’s administration — which delivered a boost to growth last quarter.