In this episode of ‘Cliff Notes on the Global Manufacturing Picture’ host Cliff Waldman reviews the October data on U.S. manufacturing production growth and then discusses the dichotomies that cloud the manufacturing outlook. These include a pernicious third wave of the pandemic pitted against the promise of a pandemic-ending vaccine, a rebound in China versus pandemic-induced uncertainty in Europe and the conclusion of the U.S. election versus lingering uncertainty about the political makeup of the U.S. Congress. Accounting for all of these factors Cliff concludes the episode with a U. S. economic and manufacturing forecast for 2021.