While global and U.S. economies are facing hard times due to Covid-19, there is one area that seems to be improving: U.S. manufacturing. Two of America’s largest manufacturers, John Deere and Caterpillar, have outperformed the broader market for the past month. This is a clear indication that U.S. manufacturing is beginning to outperform other markets as well.
Experts are agreeing that the future looks bright for domestic manufacturing.
“The manufacturing sector is picking up some serious steam and could start pushing housing for the number one driver of growth,” said Joel Naroff of Naroff Economic Advisors.
While U.S. manufacturing is turning around, so is that of Asia and Europe according to Barclays Global Manufacturing Confidence Index. However, on the other hand, Barclays says that “it’s too early to discount supply chain risks and Covid-19 resurgence.”