We keep hearing anecdotes about a renewed interest in manufactucturing in the US, but alas the numbers tell a different tale, whether it's record trade deficits with China or flat levels of US manuacturing output.

Below is a similar data point, showing the ever-declining level of manufacturing as a share of US GDP:

Source: Wall Street Journal

The trend line is powerful and depressing, with manufacturing's contribution to US GDP declining to under 11% in 2020.

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