Subject: Re: Why Has U.S. Manufacturing Productivity Stagnated_
I'm not sure manufacturing has much relevance to general equity valuations.
AIUI manufacturing is only ~11% of US GDP and falling over time, so other parts of the economy are more important.

Fair points.

Though cheer up, it's only falling as a share of GDP, or per capita. Real total US manufacturing output is holding up rather than falling. Currently a little higher than its temporary peak in Q2 2000, a little lower than its temporary peaks in 2007 and 2018. Still way higher than in the 1980s or 1990s. It's not shrinking, it's just that other things are growing in real terms.

Jim