So much for a manufacturing renaissance, post-“Liberation Day”.

Figure 1: Manufacturing production (blue), value added in 2017$ (red), employment (tan), hours (light green) all in logs, 2024M04=0; and capacity utilization (NAICS), % (black, right scale). Aggregate hours of production workers calculated by multiplying average weekly hours by employees. Source: Federal Reserve, BEA, BLS, and author’s calculations.

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