06/01/2011 02:05 pm ET | Updated Aug 01, 2011

Manufacturing "Rebound" a Bust -- New Data

I don't enjoy saying "I told you so" on this one, but it appears that the much-heralded manufacturing rebound is indeed a bust.

See this report (condensed story here) from the Institute of Supply-Chain Management, one of the standard sources on this question.

They report that manufacturing growth has slowed to its worst pace since September 2009.

And I did tell you so: here, here, here, here, here, and here.

The answer? America needs to end its trade imbalance by repudiating free trade, then we need to implement some serious domestic industrial policy to fix our innovation deficit.