Expand chart
Data: BLS; Chart: Andrew Witherspoon/Axios

While sentiment indicators have been split, the jobs data and reports from businesses are painting a clear picture of the U.S. manufacturing industry's stress.

What they're saying: Timothy Fiore, chairman of the ISM survey committee, which tracks the sector through its purchasing managers index, said his report may be underestimating the damage. (His company's latest report showed manufacturing contracting for the fourth straight month.)

  • "I think a lot the [layoffs] are flying under the radar — no one wants to impact consumer sentiment, no one wants to announce cuts around Christmas," Fiore told Barron's last month.
  • "People are dropping shifts, canceling overtime, sending temporary workers home."
Expand chart
Data: BLS; Chart: Axios Visuals

The big picture: The Federal Reserve's latest Beige Book, which tracks businesses around the country, has a recurring theme.

  • "Several retailers reported that tariffs were raising costs and hurting profit margins," the Fed's Richmond office reported.
  • "Uncertainty generally remained elevated, driven by trade tensions, the political climate, and weaker global growth," the Dallas Fed noted.
  • "Business contacts in retail and manufacturing reported facing increased price pressures due to tariffs," the St. Louis Fed found.

Go deeper:

Go deeper

2 hours ago - World

China-Iran deal envisions massive investments from Beijing

Illustration: Aïda Amer/Axios

China and Iran have negotiated a deal that would see massive investments flow into Iran, oil flow out, and collaboration increase on defense and intelligence.

Why it matters: If the proposals become reality, Chinese cash, telecom infrastructure, railways and ports could offer new life to Iran’s sanctions-choked economy — or, critics fear, leave it inescapably beholden to Beijing.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 13,048,249 — Total deaths: 571,685 — Total recoveries — 7,215,865Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,353,348— Total deaths: 135,524 — Total recoveries: 1,031,856 — Total tested: 40,282,176Map.
  3. World: WHO head: There will be no return to the "old normal" for foreseeable future — Hong Kong Disneyland closing due to surge.
  4. States: Houston mayor calls for two-week shutdownCalifornia orders sweeping rollback of open businesses — Cuomo says New York will use formula to determine if reopening schools is safe.
  5. Education: Los Angeles schools' move to online learning could be a nationwide tipping point.

House Judiciary Committee releases transcript of Geoffrey Berman testimony

Geoffrey Berman. Photo: Alex Wong/Getty Images

The House Judiciary Committee on Monday released the transcript of its closed-door interview with Geoffrey Berman, the former top federal prosecutor in Manhattan who was forced out by Attorney General Bill Barr last month.

Why it matters: House Democrats have seized on Berman's testimony, in which he claimed the attorney general sought to "entice" him into resigning so that he could be replaced by SEC chairman Jay Clayton, to bolster allegations that the Justice Department has been politicized under Barr.