Value added industries are flat as of August 2018. The numbers came out before the latest round of tariffs were announced, yet we can see the total value added industry has been hovering around 6% since June. Manufacturing is heavily correlated to overall VAI as of late. Mining and utilities both increased from July, but are lower than their YTD highs of 3% and 12.2% respectively. Indeed, mining has seen positive growth since May, which prior to that had not seen positive growth since September 2016. We have explored some of the shakier aspect of mining lately, notably employment, so the stability of these numbers are curious. We do not believe the numbers are false, but the overall stability when other factors are considered is worthwhile of paying attention to.