The Numbers Look Good—At First Glance According to a new wave of Federal Reserve regional surveys, American manufacturing is showing signs of life. The Dallas Fed's production index jumped 15 points to 20.5 this November, indicating solid output growth. New orders are back in positive territory. Kansas City, New York, and even the national S&P Flash PMI all report upward movement. Wall Street and financial media are already spinning this as a sign of economic resilience—proof that the system works and the worst is behind us. But hold on. What are they not telling you? Production Up, But Jobs Flat—Sound Familiar? First red flag: flat employment. The Dallas Fed admits it—despite the production surge, head counts aren’t moving. Nationally, manufacturing…
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