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Data: FRED and Investing.com; Chart: Naema Ahmed/Axios

Surveys tracking the sentiment of U.S. manufacturers have surged back to their 2019 levels, showing a V-shaped recovery in the industry — but the hard numbers for sales and shipments tell a different story.

What's happening: Highly tracked purchasing managers' indexes from the Institute for Supply Management and IHS Markit have surged in recent months to show growth in the industry.

  • But those indexes simply ask companies whether things are getting better, worse or staying the same.

By the numbers: The real value of U.S. goods exports in July was the lowest since November 2010, and the value of goods and services exports in Q2 was the lowest since Q1 2010, according to the latest U.S. Census and GDP reports.

Go deeper

Dion Rabouin, author of Markets
Sep 8, 2020 - Economy & Business

Possible restrictions on Chinese chip exports could do harm to U.S. growth

Data: U.S. Bureau of Economic Analysis; Chart: Axios Visuals

The Trump administration's trade war with China and the coronavirus pandemic have crippled U.S. exports this year and could worsen as the administration reportedly is considering export restrictions on China’s most advanced manufacturer of semiconductors.

Where it stands: The U.S. trade deficit has risen to its highest since July 2008 and U.S. exports of goods and services as a percentage of GDP shrank to the lowest level since 2003 in the second quarter.

US cites Ukrainian oligarch Kolomoyskyy for involvement "in significant corruption"

State Secretary Antony Blinken on Friday designated former Ukrainian public official Ihor Kolomoyskyy as an individual involved "in significant corruption."

Why it matters: The designation prohibits Kolomoysky and his immediate family from traveling to the U.S. and signals that the Biden administration will help Ukrainian President Volodymyr Zelensky in his fight against oligarchs and entrenched corruption. U.S. authorities view Kolomoyskyy as among the most powerful of the oligarchs.

U.S. economy added 379,000 jobs in February

Data: FRED; Chart: Axios Visuals

The economy added 379,000 jobs in February, while the unemployment rate dropped from 6.3% to 6.2%, the Labor Department said on Friday.

Why it matters: The first Biden-era jobs report shows hiring surged as coronavirus cases eased — though a full recovery remains far off. Economists expected the economy to add roughly 182,000 jobs last month, after adding a paltry 49,000 in January.

This story is breaking news. Please check back for updates.