A global manufacturing slowdown suggests worse is to come

recession imminent?” asks a new report by the World Bank. The answer—that one very well might be—will not be a surprise to manufacturers. In August global manufacturing output shrank relative to the month before, and new orders fell for the second month in a row, according to JPMorgan Chase, a bank. As economic woes mount, worse could be ahead, for factories and the broader economy.Last year industry enjoyed an epic boom. Consumers, bolstered by generous covid-19 relief, , and the easing of lockdowns allowed factories to make up lost ground. The value of global manufacturing output leapt to more than $16trn, representing the highest share of in nearly two decades. Roaring industry powered a , with overall global output rising by 6.1%, the fastest pace on record, despite supply-chain problems.