Output, employment and value added:
Figure 1: Manufacturing production (black), manufacturing employment (tan), real value added (teal bars), all in logs, 2021M01=0. Source: FRB, BLS, via FRED, BEA, and author’s calculations.
Real value added and employment are about 6% higher than when Biden took office. Manufacturing production (which is a gross measure) is only about 2% higher.
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