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It's worth considering that industrial index he cites includes some things that most people might not consider manufacturing per-se, including construction, mining, and utilities. According to http://www.federalreserve.gov/releases/g17/Current/default.h... the only sectors in the index that have seen growth over 2% compared to 2002 levels are utilities (electric and gas) and business equipment (which seems to consist of "industrial and other", "transit", and "information processing"). Unfortunately there is no breakdown among them.



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