Trump’s critics want to blame tariffs for a slowdown in manufacturing. But the data tell a very different story.

No sign of the widely predicted Tariffmageddon.

American manufacturing expanded at a stronger pace than expected in January, close to the fastest pace since 2004.

Despite the decline in manufacturing output, overall industry production rose 0.5 percent, likely as the result of an 8.6 percent increase in utilities generation caused be unusually warm weather in the month of February.

At a CNN town hall Thursday, businessman and Republican presidential candidate Donald Trump once again put the issue of manufacturing front and center in the 2016 race.

Just this week, companies across the American landscape announced they were slashing hundreds jobs, one company is even moving those jobs to Mexico.

Investment in new U.S. factory plant and equipment just hit the highest level since 1958. After 100 years of economic dominance due to cheap and abundant oil, U.S. politicians turned against domestic oil production in the 1970s and the Middle East oil production took off. For the next 40 years, the budget deficit and income inequality soared as high-paying manufacturing jobs went offshore. But with fracking re-establishing America as the planet’s largest energy producer, U.S. manufacturing is back.