It is commonly, and correctly, understood that this year’s election will hinge on the state of the economy. But, economic performance is measured in different ways, and a myriad of different events, not all of them stateside, can affect that performance.
Yesterday, for instance, the Obama administration got some good news and delivered even better news. The good news it received was that manufacturing activity increased last month at the highest rate in 10 months, rising to 54.8, up from 53.4 in March. The activity pertained to all sectors of manufacturing activity: new orders, production, and hiring. The news sent investors into the stock market with renewed vigor and the Dow reached its highest close since late 2007. Obama desperately needs more and more stories that indicate the economy is moving in the right direction if he is to sustain the narrative that he has been digging the nation out of a recession largely caused by the Bush-like policies Gov. Romney supports.