U.S. manufacturers saw profits totaling $142.1 billion in Q4, which was up 5.6 per cent from Q3. This is according to new data from the Census Bureau.
However, profits declined 4.3 per cent year over year, which suggests the industry could be stalling.
But Census’ chart shows that overall, profits have stalled since 2010:
Iron and steel producer profits led Q4 YOY declines at -19.75 per cent to -$8 million.
Textile mills saw the greatest jump in the quarter, 653 per cent to $339 million.
It may be more evidence for Goldman Sachs chief economist Jan Hatzius’ contention that America’s “manufacturing renaissance” just isn’t real yet.
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