Manufacturing Down Again

The Empire State Manufacturing Survey shows economic activity in the manufacturing sector continues to fall precipitously. I see time and again that manufacturing accounts for less than 15% of the economy. That is absolutely false. Of course, those are the same people telling you housing won't spill over into other sectors. Inflation up, output down. By the way, inflation lags so much that without strong economic output and sustained rising wages, it is a not the most important data point at this time in the cycle.

The economy is going to the dogs but I'm going to the NCAA Basketball Tournament so who cares? Worrying will be put on hold until next week.