After effectively three years of recession for the manufacturing and industrial sector of the economy, last week’s sharp rebound in the ISM index to 52.6 (the highest since August 2022, in the midst of the COVID boom) looks to be a definitive sign that things have changed. In this Economics Weekly, we look at what the financial market and real economic data are telling us about the durability of this rotation toward industrials as well as where this recovery could hit major roadblocks.