The US manufacturing sector is under serious pressure: The Richmond Fed Manufacturing index dropped to -20 points in July, the second-lowest since the 2020 pandemic. This marks its 19th consecutive negative reading. Concerningly, 6-month CapEx outlook fell to -19 points, the lowest since 2008. This signals a continued slowdown in business investment and economic activity within the manufacturing sector. The CapEx Expectations Index has been in a downtrend for 4 years, one of its longest declines on record. US manufacturers need help.(The Kobeissi Letter)