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U.S. manufacturing production just had its best year since 2011, yet some argue that 2017 was as good as it will get and that a slowdown is ahead.

We think the opposite is more likely: Factory output is poised to speed up. Investors worried that the equity market is stretched should take heart. Stronger growth in factory output is a good reason to remain cyclically oriented, especially in U.S. industrial stocks.

Trade, one of the biggest engines of the sector in 2017, is likely to continue to gather momentum. Stronger global growth expectations and a weaker dollar should help as manufacturing goods represent about half of all exports.

Moreover, at least some of the current recovery in factories can be


From Industry Week


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