Business Tools

SEMA Industry Indicators: Despite Strengths, Overall U.S. Economy Showing Signs of Cooling

By Kyle Cheng

Industry Indicators
According to the September “SEMA Industry Indicators” report, there are clear signs the economy is slowing.

While many economic fundamentals remain solid, there are clear signs the economy is slowing. This, in turn, makes us more susceptible to shocks and downside risks. Concerns about tariffs and trade tensions with China have increased over the last month and are likely influencing the real economy.

Consumer spending remains a bright spot. Yet, consumer sentiment saw its largest monthly decline since December 2012, in part because of concerns about tariffs. Consumers are taking note of growing risks on the horizon.

The manufacturing sector is beginning to show some signs of slowing, as well as the job market. While 130,000 jobs were added in August, approximately 34,000 are temporary census workers. Likewise, the three-month average private payroll growth over the last two months is at its lowest level since 2012.

To learn more, download the September “SEMA Industry Indicators Report,” now available for free at