Trump to tout economy in Ohio, after promising jobless report, manufacturing sector numbers

President Trump is set to deliver an economic report in swing state Ohio Thursday, hours after the administration announced the lowest weekly state jobless claim since mid-March, when the coronavirus throttled much of the U.S. economy. 

Trump will deliver his remarks in Cleveland two days after using a White House press conference focusing on the virus to tout significant increases in manufacturing activity, as detailed in the latest Institute for Supply Management Report on Business.

Amid a spike in coronavirus cases and some calls to again shut down much of the country, Trump cited the report showing the manufacturing sector took a serious hit in April but has sprung back to life.

In July, the Purchasing Managers' Index rose 1.6 percentage points to just over 54.2%, the highest reading of the index since March 2019, reflecting overall  economic expansion for the third month in a row following April's low numbers, according to the ISM report.

"That's fantastic," Trump said. "This is remarkable." 

The New Orders Index registered 61.5%, which marks a 5.1-point increase since June, its highest level since September 2018.

The report suggests a solid recovery in at least in some sectors of U.S. manufacturing economy. Demand for chemical and electronic products, and frozen beverage and food products has, for example, has largely stabilized, the report also stated. 

A representative from the computer and electronic product sector told the ISM reporters that their "manufacturing outlook has improved greatly in June, as business has resumed at nearly 100%." Despite implementing a number of virus-related health and security safeguards, which come at an extra cost, "we are running."

The president also called the July numbers "rather spectacular."

He pointed out the numbers were especially good news for big American manufacturing hubs including Michigan, Ohio, and Pennsylvania — battleground states in play for the upcoming presidential election.

However, some manufacturing sectors continue to struggle.

"Overall business remains down almost 70 percent. We are hanging on to as many employees as possible, but we will have to lay off 30 percent or more for at least two to three months until September or October,” said a representative from the transportation equipment sector.