Three things are moving at once heading into the fourth quarter, and each one lands somewhere different on a manufacturer’s cost model. Taken together they describe a domestic manufacturing base that is expanding and re-pricing at the same time — which is the harder of the two conditions to buy into.

Full text pending. This piece exists in the backdated archive. The complete text, the gated “Download PDF” flow, and the build-time PDF are Phase 2 work — this page is the route and the shell so the structure can be reviewed now.