This is a quote from Bruce Hallreferring to the period from 2011. For reference, I present key indicators of the manufacturing sector during Trump’s trade war.
Figure 1: Manufacturing production and unsupervised employment (blue), cumulative hours (tan), production (green), actual exports (red), all in logs 2018M07=0 (when Section 301 tariffs on China are entered in force). Real exports are manufactured exports deflated by the non-automotive manufactured export price index, seasonally adjusted by the author using the X-13 census. Source BLS, Federal Reserve, census via FRED and author’s calculations.
